Mat Ishbia
Mathew Randall Ishbia | |
|---|---|
| Born | January 6, 1980 Birmingham, Michigan, U.S. |
| Occupation(s) | Entrepreneur, CEO, sports team owner |
| Known for | CEO and chairman of United Wholesale Mortgage; majority owner of Phoenix Suns and Phoenix Mercury |
Mathew Randall Ishbia (born January 6, 1980) is a billionaire entrepreneur from the United States, serving as the CEO and chairman of the mortgage lending company United Wholesale Mortgage. Together with his elder brother, Justin, he holds majority ownership of the Phoenix Suns in the NBA and the Phoenix Mercury in the WNBA.
Early life and education
Raised in a Jewish household in Birmingham, Michigan, Ishbia was a walk-on point guard for the Michigan State basketball team from 1999 through 2002. He contributed to the squad that secured the national championship title in 2000.
Career
Ishbia assumed the role of CEO at United Wholesale Mortgage (UWM) in 2013, a mortgage company established by his father in 1986. Under his guidance, UWM rose to become the foremost wholesale mortgage lender across the United States by 2015. In 2019, he authored his first book, "Running the Corporate Offense: Lessons in Effective Leadership from the Bench to the Board Room."
He attained billionaire status in 2021 following UWM's initial public offering. That same year, Ishbia declared that UWM would no longer collaborate with brokers who also partnered with rival firms such as Rocket Mortgage and Fairway Independent Mortgage, which led to legal action initiated by some brokers.
Alongside his brother, Ishbia discreetly purchased a minority interest in the Chicago White Sox during 2021; this investment became publicly known in 2025.
In December 2022, Ishbia reached an agreement to acquire the NBA's Phoenix Suns and the WNBA's Phoenix Mercury for $4 billion, subject to league approval. The NBA sanctioned the transaction in February 2023, with Cleveland Cavaliers owner Dan Gilbert abstaining from voting due to his association with Rocket Mortgage.
During the Suns’ 2023 playoff matchup against the Denver Nuggets, Ishbia was involved in an on-court confrontation with Nuggets player Nikola Jokić, resulting in a technical foul assessed and a $25,000 fine imposed on Jokić.
As of May 2024, Forbes valued Ishbia’s net worth at approximately $10.1 billion. Following the relocation of the NHL’s Arizona Coyotes to Salt Lake City, Ishbia has shown interest in reintroducing an NHL franchise to the Phoenix region.
Philanthropy
On February 4, 2021, Ishbia made a $32 million donation to Michigan State University, marking the largest single gift from an individual to date. Of this amount, $20 million was allocated for constructing the new Tom Izzo Basketball Building. One month later, he contributed $1 million to the V Foundation for Cancer Research. In November 2021, Ishbia committed an additional $14 million to Michigan State University; these funds were later disclosed as supporting efforts to retain head football coach Mel Tucker amid legal disputes concerning donation records.
Personal life
Ishbia is divorced and is a father of three children.