Mortgage executive and former Michigan State guard Mat Ishbia is the new majority owner of the Phoenix Suns and WNBA's Phoenix Mercury, after the NBA's board of governors approved his plan to purchase the controlling stake of those franchises from Robert Sarver.
The league announced the approval Monday night, saying the transaction will be finalized later this week. The vote was 29-0, with the Cleveland Cavaliers abstaining, according to a person who spoke to The Associated Press on condition of anonymity because the final decision had not yet been announced publicly.
The sale was finalized hours after Jason Rowley -- who was the Suns president and CEO -- decided to leave the team in anticipation of the leadership changes, a person familiar with the matter told AP. That person, speaking on condition of anonymity because Rowley's resignation was not shared outside of the organization, said Rowley's departure was "shared internally" within the Suns organization on Monday.
Ishbia played at Michigan State under coach Tom Izzo and was a member of the Spartans' NCAA championship team in 2000.
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