Mat Ishbia, the new owner of the Phoenix Suns, pledged more than half of mortgage giant UWM Holdings Corp.’s outstanding shares to secure loans before buying the NBA team for a record $4 billion.
Ishbia, UWM’s chairman and chief executive officer, pledged stock he controls currently worth about $4.6 billion to back two loans that were finalized days before his purchase of the Suns was approved.
A spokesperson for Pontiac, Michigan-based UWM didn’t respond to an email and voicemail seeking comment. Ishbia agreed to purchase a majority stake in the National Basketball Association franchise in December from Robert Sarver after the league found Sarver had engaged in racist and sexist behavior. The deal, which was approved in February, involves more than 50% ownership of the Suns and the WNBA’s Mercury.
Margin loans involve lending that’s collateralized by the value of the underlying shares. Typically, if the value of the stock declines lenders can request additional collateral or for the loan to be repaid. If the borrower fails to comply, the lender can seize and sell the shares.
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