Teams/Pacific Division
Phoenix Suns
Mat Ishbia has controlled the Suns since 7 February 2023, when he bought a reported 57% at a $4B valuation. Forbes values the team at $6.0B; it has had four ownership groups since 1968.
Every owner since the start
- 2023 to todayMat Ishbia, with his brother Justin
Bought a reported 57% from Robert Sarver and most limited partners at a $4B valuation for the Suns and Mercury
- 2004 to 2023Group headed by Robert Sarver
Bought from the Colangelo group for $401M, then an NBA record, with the Mercury and an arena-football team
- 1987 to 2004Group assembled by Jerry Colangelo
Bought from the original owners for about $44M, then a record for an NBA team
- 1968 to 1987Group led by Karl Eller
Founded the team; paid the NBA a $2M expansion fee
Value over time
- 12004 Sarver group buys, $401M
- 22023 Ishbia buys at $4.0B value
Show the numbers
| Year | Forbes value |
|---|---|
| 1998 | $235M |
| 1999 | $239M |
| 2000 | $252M |
| 2002 | $266M |
| 2003 | $272M |
| 2004 | $356M |
| 2005 | $395M |
| 2007 | $449M |
| 2008 | $452M |
| 2009 | $429M |
| 2011 | $411M |
| 2012 | $395M |
| 2013 | $474M |
| 2014 | $565M |
| 2015 | $910M |
| 2016 | $1B |
| 2017 | $1.1B |
| 2018 | $1.28B |
| 2019 | $1.5B |
| 2020 | $1.62B |
| 2021 | $1.8B |
| 2022 | $2.7B |
| 2023 | $4B |
| 2024 | $4.3B |
| 2025 | $5.42B |
| 2026 | $6B |
| Year | Sale | Team valued at |
|---|---|---|
| 2004 | Sarver buys Suns, Mercury and Rattlers | $401M |
| 2021 | Dyal HomeCourt buys under 5% | $1.55B |
| 2023 | Ishbia buys a reported 57% | $4B |
Forbes valued the Suns at $235M in 1998 and $6.0B in 2026, about 26 times as much. The biggest one-year jump was $1.3B, from 2022 to 2023; the biggest in percentage terms was 61%, from 2014 to 2015.
How the current owner bought it
- Forbes records that the NBA suspended Robert Sarver for one year and fined him $10M in September 2022. This followed a workplace-conduct investigation, and he then sold.
- Ishbia agreed terms on 20 December 2022. The NBA approved on 6 February 2023 and the sale closed the next day.
- The $4B valuation was then an NBA record. He bought all of the Sarver shares plus some partner holdings.
- Other limited partners could sell at the same valuation or stay. All but two sold.
- The Arizona Republic reported that a JPMorgan loan helped fund the purchase. Its size is disputed.
Partners in the team
| Partner | Stake | Who they are |
|---|---|---|
| Justin Ishbia | not published | Brother and alternate governor |
| Jeff Ishbia | not published | Father; founder of the family mortgage company, UWM |
| Kisco WC Sports II and Kent Circle Investments | About 13-14% together | Firms of Andy Kohlberg and Scott Seldin, the only partners left from before 2023. They asked $825M in 2025; the Suns lawyers said that implied a value above $6B |
How the team is run
- Ishbia is governor. After the 2024-25 season he fired coach Mike Budenholzer and replaced the general manager.
- The city owns the arena and a Suns company runs it. Its name is a brand of UWM, his mortgage company, under a 10-year deal worth about $115M.
- He has kept local games on free-to-air television.
- Front Office Sports and AP reported that Kohlberg and Seldin sued in Delaware in 2025, alleging self-dealing. Their claims included above-market loans to the team and the naming deal. The Suns reject the claims and say the pair want a premium buyout.
- Status: in March 2026 both sides agreed to confidential binding mediation, and the trial was cancelled. A buyout would lift Ishbia to about 96%; none had been reported by 28 October 2026.
Quick answers
Who owns the Phoenix Suns?
Mat Ishbia has controlled the Suns since 7 February 2023, when he bought a reported 57% at a $4B valuation.
How much are the Phoenix Suns worth?
Forbes values the Phoenix Suns at $6B in its October 2026 list, up 11% from $5.42B a year earlier. That makes them the 11th most valuable of the 30 teams; in 1998 Forbes put the team at $235M.
How much did the current owner pay for the Suns?
$4.0B valuation for 57% (Mat Ishbia, 2023).
Who owned the Phoenix Suns before the current owner?
Group headed by Robert Sarver (2004 to 2023). Bought from the Colangelo group for $401M, then an NBA record, with the Mercury and an arena-football team.
Open questions
- Whether mediation has produced a buyout, and at what price; the process is confidential.
- The size of the JPMorgan loan: $700M per an Arizona Republic source, about $1B per a widely shared post.
- The true ownership split; the reported family and partner percentages add to more than 100%.
- The 2024-25 operating result: Forbes shows a $33M loss; the Wikipedia copy of its list shows no minus sign.