Owner of the Phoenix Suns Mat Ishbia creates Player 15, a new investment group.
In order to have a single, cohesive location for all of his assets, Phoenix Suns owner Mat Ishbia is starting a new sports, entertainment, and real estate investment organization.
The corporation said on Wednesday that the new holding company or investment will be known as the Player 15 Group. The Phoenix Suns of the National Basketball Association, the Phoenix Mercury of the Women’s National Basketball Association, and the Suns’ recently purchased G-League club will all call it home. Phoenix was the only NBA team without a G-League affiliate until recently.
Ishbia told CNBC, “It’s about unifying all of these businesses under one brand.”
“Everyone will play their part, whether they are a star player, janitor, or security guy,” he remarked. “Player 15 is a symbol of our motto: team first, team first, always.”
The $100 million construction for a new Suns and Mercury team campus and dedicated Mercury practice facility, announced in October, would also be included in the operations of the new investment business. The Footprint Center arena is located in downtown Phoenix and is home to the Phoenix sports teams.
Ishbia will only make investments in the future through Player 15, he stated.
The group is modeled after other one-stop shop investment firms, such The Kraft Group, Harris Blitzer Group, and Fenway Sports Group.
To Ishbia, the idea of Player 15 is very personal. At 44 years old, he is the CEO of mortgage lender United Wholesale Mortgage in addition to his ownership of the Phoenix Suns and Mercury basketball clubs. According to Forbes, he is worth over $8 billion.
Before all of that, though, he played basketball at Michigan State University and was the 15th player on the roster—that is, the final player to make the team—while wearing a No. 15 jersey. He attributes his achievement to perseverance and determination.
“I worked the hardest of all the guys to be the weakest player on the group,” he remarked.
Ishbia, who played a just few minutes a game on average, went on to win a national championship with the 2000 Spartans championship squad.
According to Ishbia, Player 15 is an homage to the player that finishes last on the squad based on their contributions rather than their unique skill.
Ishbia remarked, “It has truly defined everything I was about.”
Just over a year has passed since Ishbia decided to acquire the Suns and Mercury from troubled owner Robert Sarver for a record $4 billion.
He has drastically altered every aspect of the organization over that time, including the front office, the roster, and even the footprint in Phoenix. Among these adjustments are the addition of Josh Bartelstein as the new CEO and the bringing NBA .
