Mat Ishbia, majority owner of the NBA's Phoenix Suns, speaks to the media during his introductory press conference at the Footprint Center in Phoenix, Arizona, on February 8, 2023.
Barry Gossage | fake images
Phoenix Suns owner Mat Ishbia is forming a new sports, entertainment and real estate investment group as a single unifying place for his investments.
The new investment or holding company will be called Player 15 Group, the company announced Wednesday. It will house the Phoenix Suns of the National Basketball Association, the Phoenix Mercury of the Women's National Basketball Association and the Suns' newly acquired G-League team. Until now, Phoenix was the only NBA franchise without a G-League affiliate.
“It's about unifying all these companies under one brand,” Ishbia told CNBC.
“Whether you're a star player, the janitor or the security guy, everyone will play their part,” he said. “Player 15 represents that mantra that it's all about the team, all the time.”
The new investment company will also include operations of downtown Phoenix's Footprint Center stadium, where Phoenix's professional teams play, and the $100 million development of a new campus for the Suns and Mercury teams and a dedicated Mercury practice facility. , announced in October.
Any future investment opportunities for Ishbia will be through Player 15, he said.
The group follows similar one-stop investment groups such as Fenway Sports Group, Harris Blitzer Group and The Kraft Group.
The notion of Player 15 is very personal for Ishbia. Today, at 44, in addition to his role as owner of the Phoenix Suns and Mercury basketball teams, he is the CEO of mortgage lender United Wholesale Mortgage and has a net worth of more than $8 billion, according to Forbes.
But before all that, he wore a number 15 jersey while playing basketball for Michigan State University, where he was the 15th player on the roster, referring to the last player to make the team. He says that he owes his success to courage and tenacity.
“I was the guy who worked the hardest to be the worst on the team,” he said.
Michigan State's Mateen Cleaves, #12, center, is mobbed by teammates after defeating Florida 89-76 to win the final round of the NCAA Men's Final Four at the RCA Dome in Indianapolis, Indiana.
Jed Jacobsohn | Getty Images Sport | fake images
Ishbia won a national title with the Spartans' championship team in 2000, averaging just a few minutes per game.
Ishbia says Player 15 is a tribute to the player who places last not because of his individual talent, but because of what he brings to the team.
“This has really defined everything I was,” Ishbia said.
It's been nearly a year since Ishbia agreed to buy the Suns and Mercury for a record $4 billion from embattled owner Robert Sarver.
In that time, he has made dramatic changes to everything from the front office to the team's roster and even his presence in Phoenix. Those changes include the hiring of a new CEO, Josh Bartelstein; bringing NBA superstar Kevin Durant to the Suns; and make investments in state-of-the-art facilities.
“I couldn't be happier and more excited about what we're doing this year, both on and off the court,” Ishbia said, adding that Phoenix teams have already proven to be a lucrative investment. “Over the next 10 to 15 years, do I think NBA valuations will double again? … The answer is absolutely.”
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