Almost all of the NBA's owners voted to approve Mat Ishbia … except Cleveland's Dan Gilbert.
Sources: The NBA Board of Governors has approved mortgage lender Mat Ishbia as the new governor of the Phoenix Suns. It was approved with vote of 29-0, with the Cleveland Cavaliers abstaining.
— Shams Charania (@ShamsCharania) February 7, 2023
Ishbia is a former Michigan State walk-on and NCAA champion who made his billions with his family's company, United Wholesale Mortgage (UWM). He and his brother Justin bought the Suns from Robert Sarver for $4 billion, and the NBA's board of governors approved the sale Monday night.
All the owners expect Gilbert, a rival of Ishbia in the world of mortgage lending, voted in favor of the sale. Gilbert is the founder of Quicken Loans, now Rocket Mortgage, which is located in Detroit, just 30 miles away from UWM's headquarters in Pontiac, Mich.
The two men were already business rivals, but Ishbia escalated the rivalry by giving his brokers an ultimatum: Stop working with Rocket Mortgage and Fairway Independent Mortgage, or they could no longer work with UWM.
According to the Detroit Free Press:
Ishbia specifically accused Rocket of paying real estate agents to cut out competing brokers and instead refer clients to Rocket’s team, and of soliciting brokers' past clients rather than working with those other brokers.
The feud has continued since then, with Ishbia ripping Rocket Mortgage for "disgusting" layoffs last May (since the company made $5 billion in profits), Rocket announcing it would cover penalties and fees for any brokers trying to defy UWM's ultimatum, and a truly bizarre story involving Ishbia and a Rocket executive's spouse.
Anthony Casa, the CEO of a partner of UWM, the Association of Independent Mortgage Experts, sent a string of explicit texts and video clips alleging that the wife of a Rocket executive VP had a relationship with Ishbia. She sued Casa for defamation.
All this is to say that we shouldn't expect any deals between the Cavaliers and Suns any time soon. It's also a testament to the NBA owners' unity — and Adam Silver's leadership — that despite his intense professional animosity, Gilbert still didn't vote no, merely abstained.
It's a good sign for the ongoing collective bargaining agreement negotiations — just as long as the CBA doesn't mention mortgages.
More must-reads:
Get the latest news and rumors, customized to your favorite sports and teams. Emailed daily. Always free!