Exclusive: Suns, Mercury owner Mat Ishbia says "building a sports empire" doesn't always work
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Mat Ishbia. Photo: Jonathan Heisler for Axios
Phoenix Suns and Mercury owner Mat Ishbia told Axios Tuesday that "trying to build a sports empire" through private equity doesn't always equate to a winning experience.
Why it matters: Private equity firms are pouring billions into professional sports as franchise valuations soar.
Zoom in: Ishbia, who acquired a majority stake in the franchises at a roughly $4 billion valuation, has emphasized long-term investment in his teams rather than maximizing short-term profits.
- "I'm not trying to make money. I'm trying to, you know, impact fans and make it a fun thing," he said on stage at Axios' annual Media Trends Live event in New York City.
- "It's a game of abundance. Create more fans. Money will follow. Do the right thing."
Zoom out: Ishbia has challenged traditional sports business models, including making local Suns and Mercury games available free over the air.
- "I think it's the right thing to do," Ishbia said. "Like I own the team, but it's really the city of Phoenix's team. And so how can you become a fan of a team if you can't watch them?"
- Ishbia claimed the Suns "have more fans watching our games" and the team is fourth in market ratings.
Between the lines: Ishbia recently acknowledged mistakes in his early approach to building a championship team, including the trade for Kevin Durant.
- In a "CNBC Sport" interview, Ishbia said he initially tried to solve the Suns' problems by spending money rather than establishing a clear vision.
- Durant pushed back on the comments, leading to a public exchange between the two over the weekend on X.
Ishbia told Axios: "What I learned originally when I bought the team was — OK, we're a decent team. Can we go over the luxury tax, go get a star player, go build and try to win a championship? And that's not really how it works."
- "Defining a culture, being involved with every detail, is how you win in any business, and so I decided to do that with the Suns and the Mercury," he added.
What's next: Phoenix will host the 2027 NBA All-Star Game.
- Ishbia teased a new competition — "different than you've ever seen before" — being added to the event, but he didn't offer specifics.
- He suggested the NBA could announce the specific event in the next month or two.
