Phoenix Suns owner might be pressured to sell his NBA franchise weeks after Mark Walter’s LA Lakers

Phoenix Suns owner Mat Ishbia might be pressured to sell his NBA franchise following recent financial troubles, weeks after Mark Walter had to sell his Los Angeles Lakers team. Ishbia purchased the Suns for $4 billion in 2023, aiming to lead the franchise to a championship. However, his United Wholesale Mortgage company, which secured the purchase with roughly 805 million shares of UWM stock, now has those shares worth only $1.15 billion, following a 70% drop.

This has left UWM facing a margin call from JPMorgan, with the bank likely pursuing repayment through cash from Ishbia. Ishbia may need to sell equity stakes in his teams, potentially including the Suns, to fulfill the bank's demands. While the situation is less severe than Mark Walter's, who faced federal investigation and a larger debt, it remains unclear if Ishbia will be compelled to sell the Suns.