Billionaire Ishbia Nears $4 Billion Deal for NBA’s Phoenix Suns

Mat Ishbia, the billionaire chief executive officer of United Wholesale Mortgage, is close to taking control of the National Basketball Association’s Phoenix Suns in a deal that would shatter the league’s record purchase price.

The acquisition would value the team at about $4 billion, according to a person familiar with the matter, who asked not to be identified because the talks are private. The deal, which hasn’t been completed, would designate Ishbia’s brother and Shore Capital Managing Partner Justin Ishbia as alternate governor given his sizable investment, the person said.

The agreement is expected to include the WNBA’s ...