American businessman
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]
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]
References
^ "Sources: Mat Ishbia's purchase of Suns, Mercury to be official soon" . espn.com . 25 January 2023. Retrieved 30 January 2023 .
^ Capps, Milt (12 November 2018). "Venture Notes - November 12, 2018" . Venture Nashville . Retrieved 27 January 2023 .
^ Keene, Louis (20 December 2022). "Phoenix Suns' new owner played for his hometown Maccabi team" . Jewish Daily Forward .
^ a b c d "Justin Ishbia" . Forbes - The World's Billionaires . Retrieved 20 December 2022 .
^ Deb, Sopan; Ganguli, Tania (20 December 2022). "Mat Ishbia Nears $4 Billion Deal for Phoenix Suns and Mercury" . The New York Times .
^ Wojnarowski, Adrian (20 December 2022). "Mat Ishbia agrees to Suns purchase for record $4 billion" . ESPN . Retrieved 27 January 2023 .
^ 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 .
^ "NBA approves sale of Suns, Mercury to Ishbia" . ESPN.com . 7 February 2023. Retrieved 7 February 2023 .
^ Sports, Arizona (7 February 2023). "Mat Ishbia's purchase of Phoenix Suns approved by NBA vote" . Arizona Sports . Retrieved 7 February 2023 .
^ "Mat Ishbia Assumes Controlling Ownership Interest Of Phoenix Suns And Phoenix Mercury" . NBA.com . Retrieved 7 February 2023 .
^ "Justin Ishbia" . Forbes . Retrieved 5 June 2024 .
^ Sloan, Karen (6 October 2021). "Vanderbilt Law bags $10 million gift from alumnus" . Reuters . Retrieved 27 January 2023 .
^ 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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