Billionaire mortgage lender Mat Ishbia has agreed to purchase a majority stake.

In a relatively shocking move, a majority stake of the Phoenix Suns have now been purchased for $4bn by billionaire mortgage lender Mat Ishbia.

Along with the majority stake in the Suns, Ishbia also earned the majority stake in the WNBA Phoenix Mercury, Ishbia and current owner Robert Sarver announced the news.

The agreement will see Sarver’s time as the owner of the team come to a close. Recently, Sarver has fallen under severe scrutiny.

Ishbia said: “I am extremely excited to be the next Governor of the Phoenix Suns and Mercury. Both teams have an incredibly dynamic fan base and I have loved experiencing the energy of the Valley over the last few months.”

His acquisition of over 50% includes all of Sarver's interest plus a portion of that of minority partners.

He continued: “Basketball is at the core of my life, from my high school days as a player to the honor of playing for Coach Izzo and winning a national title at Michigan State University.”

Sarver first signed on as the owner of the Suns in 2004 when he led a group to purchase the team for $401m from Jerry Colangelo.

Sarver added: “Mat is the right leader to build on franchise legacies of winning and community support and shepherd the Suns and Mercury into the next era.”

In September, Sarver announced that he would be selling the Suns and the Mercury, the process was expected to take until the end of the 2022-23 season.

The investment bank Moelis & Company oversaw the sale of the NBA team.