Justin Ishbia

Last updated

Justin Ishbia
Born
Justin Ishbia
EducationB.A. Michigan State University
J.D. Vanderbilt University School of Law
OccupationPrivate equity
Known forFounding partner of Shore Capital Partners & alternate governor of the Phoenix Suns and Phoenix Mercury
Family Mat Ishbia (brother)

Justin R. Ishbia is an American billionaire businessman and private equity investor who is a founding partner of Shore Capital Partners. He is a part majority owner of the Phoenix Suns of the NBA and Phoenix Mercury of the WNBA along with his brother Mat Ishbia. [1] He is also a minority owner of Major League Soccer team Nashville SC. [2]

Contents

Biography

Ishbia was raised in a Jewish family in Birmingham, Michigan, a suburb of Detroit. [3] He graduated with a B.A. from Michigan State University and a J.D. from Vanderbilt University School of Law. [4] After school, he worked as an attorney. [4] He is a founding partner in the Chicago-based private equity firm, Shore Capital Partners. [4]

In December 2022, he and his brother Mat Ishbia agreed to purchase the Phoenix Suns and the Phoenix Mercury from Robert Sarver for $4.0 billion. [5] His role is alternate governor for the team [6] as well as investor in the organization. [7] The deal to the Ishbia brothers was approved by the NBA on February 6, 2023. [8] [9] [10]

He owns a 22% interest in United Wholesale Mortgage, a company founded by his father and now headed by his brother. [4] Forbes listed his net worth as of June 2024 at US$5.4 billion. [11]

Philanthropy

In October 2021, Ishbia donated $10 million to his alma mater, Vanderbilt Law School. He had earlier established a scholarship fund at the school through a donation he made in 2015. [12] In January 2022, Ishbia matched his brother Mat Ishbia's $1 million donation to the V Foundation, supporting cancer research." [13]

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The 2024–25 Phoenix Suns season will be the 57th season of the franchise in the National Basketball Association (NBA), as well as their 32nd season at the Footprint Center. It is also their second full season under the ownership group led by Mat Ishbia and Justin Ishbia after the brothers purchased the team on February 8, 2023, and their second season with their "Big Three" superteam of Devin Booker, Kevin Durant, and Bradley Beal together. However, this will be their third season in a row with a new head coach taking over following the announcement of Frank Vogel's firing on May 9, 2024, this time having 2021 NBA Finals champion coach Mike Budenholzer taking over as the new head coach two days later. Not only that, this is also their first season since the 2019–20 season where the Suns would properly utilize the NBA G League again with their own squad after previously selling the Northern Arizona Suns to the Detroit Pistons during that season's suspension/reinstatement period and subsequently shutting down that G League team for the following season afterward in a move unrelated to their sale, thus marking the first time where every NBA team would utilize their own G League affiliate during a season. Entering this season, the Suns are looking to improve upon their previous season's record of 49–33, which left them with a sixth-place finish in the Western Conference, as well as look to enter the playoffs for the fifth straight season in a row after previously missing out on the playoffs for a decade straight and improve upon their dismal first round performance from last season.

References

  1. ↑ "Sources: Mat Ishbia's purchase of Suns, Mercury to be official soon". espn.com. 25 January 2023. Retrieved 30 January 2023.
  2. ↑ Capps, Milt (12 November 2018). "Venture Notes - November 12, 2018". Venture Nashville. Retrieved 27 January 2023.
  3. ↑ Keene, Louis (20 December 2022). "Phoenix Suns' new owner played for his hometown Maccabi team". Jewish Daily Forward .
  4. 1 2 3 4 "Justin Ishbia". Forbes - The World's Billionaires . Retrieved 20 December 2022.
  5. ↑ Deb, Sopan; Ganguli, Tania (20 December 2022). "Mat Ishbia Nears $4 Billion Deal for Phoenix Suns and Mercury". The New York Times .
  6. ↑ Wojnarowski, Adrian (20 December 2022). "Mat Ishbia agrees to Suns purchase for record $4 billion". ESPN. Retrieved 27 January 2023.
  7. ↑ Bell, Evan (20 December 2022). "Who is Justin Ishbia? How is Phoenix Suns' reported "alternate governor" related to prospective owner Mat Ishbia: All you need to know". www.sportskeeda.com. Retrieved 7 February 2023.
  8. ↑ "NBA approves sale of Suns, Mercury to Ishbia". ESPN.com. 7 February 2023. Retrieved 7 February 2023.
  9. ↑ Sports, Arizona (7 February 2023). "Mat Ishbia's purchase of Phoenix Suns approved by NBA vote". Arizona Sports. Retrieved 7 February 2023.
  10. ↑ "Mat Ishbia Assumes Controlling Ownership Interest Of Phoenix Suns And Phoenix Mercury". NBA.com. Retrieved 7 February 2023.
  11. ↑ "Justin Ishbia". Forbes. Retrieved 5 June 2024.
  12. ↑ Sloan, Karen (6 October 2021). "Vanderbilt Law bags $10 million gift from alumnus". Reuters. Retrieved 27 January 2023.
  13. ↑ Solari, Chris (7 January 2022). "Dick Vitale's cancer charity gala gets $2 million from MSU booster Mat Ishbia and brother". Detroit Free Press. Retrieved 27 January 2023.


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