Justin Ishbia

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 & part majority owner of the Phoenix Suns and Phoenix Mercury
FamilyMat 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]

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] In 2024, Ishbia donated $10 million to his alma mater Michigan State University.[14]

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. ^ a b c d "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. "Dick Vitale's cancer charity gala gets $2 million from MSU booster Mat Ishbia and brother". Detroit Free Press. Retrieved 1 November 2024.
  14. ^ "MSU Athletics receives $10M gift from alumni Kristen and Justin Ishbia". Retrieved 1 November 2024.

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