A former college basketball player is going to become the next owner of the Phoenix Suns in a record sale. According to multiple reports, Mat Ishbia has agreed to purchase the Suns and the WNBA's Phoenix Mercury for $4 billion.

Ishbia is chairman and CEO of United Wholesale Mortgage, a mortgage lender based in Michigan. At age 42, he is set to become the youngest owner in the NBA.

Ishbia isn't simply a basketball fan or a billionaire who was looking to make a splashy purchase. The new Suns owner was part of the 2000 national champion Michigan State basketball team.

Although he was a walk-on, Ishbia was a member of multiple Michigan State teams that made it to the Final Four. A 5'10" guard, Ishbia scored a total of 28 points in 48 career games.

In early 2021, Ishbia made a $32 million commitment to Michigan State to benefit the school's athletic department. Part of that commitment was used to sign Spartans football coach Mel Tucker to a 10-year, $95 million contract.

Forbes estimates Ishbia's net worth to be $5.1 billion. The mortgage lender is No. 505 on Forbes' real-time billionaire list.

According to Forbes, Ishbia owns a 71% stake in UWM Holdings, which was founded by his father in 1986. Mat Ishbia's brother, Justin Ishbia, has a 22% stake in the company and is also a billionaire.

The Athletic's Shams Charania reports that Justin Ishbia will be a significant investor and alternate governor for the Suns.

Suns owner Robert Sarver announced in September that he would sell the team after receiving a one-year suspension and a $10 million fine by the league for violating workplace standards. An investigation found that Sarver used the N-word at least five times in private conversations and engaged in inappropriate behavior toward employees.

The reported $4 billion sale is the richest in league history. The Brooklyn Nets were sold for $2.35 billion in 2019, setting the previous record.

Phoenix Suns, Fans
Phoenix Suns fans cheer after the team's win against the Milwaukee Bucks in Game Two of the NBA Finals at Phoenix Suns Arena on July 08, 2021 in Phoenix, Arizona. Ralph Freso/Getty Images