[ad_1]
Matt Ishbia, owner of the NBA’s Phoenix Suns franchise, announced the creation of a new sports-focused investment group that will manage all Suns operations.
The group, dubbed Player 15, will group Ishbia’s investments in sports, entertainment and real estate, including the Phoenix Suns, the WNBA’s Phoenix Mercury and Footprint Center Arena, where both teams play. Become.
Ishbia confirmed that Player 15 will be the home for all future investments.
This announcement coincided with the announcement that the Phoenix Suns will have an affiliate team in the NBA’s minor league, the NBA G League, which will also be affiliated with Player 15.
The G League’s announcement, which has not yet been named, means all 30 NBA teams will have a G League affiliate, and Ishbia said: We support the development of players and coaches. ”
Access the most comprehensive company profiles on the market with GlobalData. Save research time. Increase competitiveness.
Company Profile – Free Sample
You will receive a download email shortly
We are confident in the unique quality of our company profile. However, we want you to make the decision that is most beneficial for your business, so we are offering free samples that you can download by submitting the form below.
by global data
“Just like the Suns and Mercury, our G League team will serve as an asset to our community and make a positive impact on and off the court.”
The team will debut in the NBA G League in the 2024-25 season.
The acquisition of a new G League team expands the league to a record 32 teams, and G League Chairman Shareef Abdul-Rahim said his long-held ambition for every NBA team to have an affiliate will be achieved. Says.
“The NBA G League has never been more valuable to NBA teams than it is today, and the Suns’ investment only further reinforces that reality,” Abdul-Rahim said.
The new team’s name will be determined through a competition open to Suns and Mercury fans, in the same way that the Suns’ nickname was determined upon its creation in 1968.
The team will play a game in the Phoenix metropolitan area, but it is unclear whether it will be played at Footprint Center.
Matt Ishbia bought the Suns and Mercury from troubled former owner Robert Sarver in February 2023 for $4 billion. Sarver was suspended from the NBA, fined $10 million, and sold his team for “workplace misconduct and organizational deficiencies.”
The findings were announced as part of an investigation by the governing body into allegations of historic racist, misogynistic and hostile incidents by manager Thurber over his nearly 20 years with the team.
Ishbia, the NBA’s youngest team owner at 42, is chairman and president of United Wholesale Mortgage, an American mortgage company, and has a reported net worth of $5.1 billion. His younger brother Justin, a founding partner of private equity firm Shore Capital, is also part of the ownership group.
[ad_2]
Source link
