Mat Ishbia Plans to Increase Stake in Suns Despite Company Losses
Mat Ishbia, owner of the Phoenix Suns, is reportedly looking to increase his ownership stake in the team, despite his mortgage lending company, United Wholesale Mortgage (UWM), reporting $452 million in losses for the second quarter of 2026.
UWM's stock has dropped over 70% since Ishbia took majority control of the Suns in 2023. However, a spokesperson for UWM stated that these financial challenges will not impact Ishbia's management of the team. UWM has entered a capital partnership with Oaktree Capital Management, securing $1.5 billion to address debts, while Ishbia has committed an additional $550 million through his holding company.
Roberts emphasized that Ishbia's financial situation is stable, noting his ongoing efforts to buy out remaining minority shareholders of the Suns and the WNBA's Phoenix Mercury, potentially bringing his family's total ownership to nearly 99%. Despite concerns regarding his financial position, analysts suggest that Ishbia is not in danger of needing to sell his stake in the team.
