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Mat Ishbia’s Rise to NBA Ownership
Mat Ishbia, the CEO and chairman of United Wholesale Mortgage, made headlines in February 2023 when he became the new majority owner of the Phoenix Suns. Just after 9 a.m. on February 9, Ishbia addressed hundreds of Suns employees, sharing his vision for the team and expressing excitement about the blockbuster Kevin Durant trade. Ishbia, a 43-year-old Michigan native, emphasized the importance of work-life balance and outlined his aspirations for the Suns to become a top franchise not just in the NBA but in all of sports.
The Rivalry with Rocket Mortgage
Ishbia’s ownership of the Suns brought to light a years-long rivalry between UWM and Rocket Mortgage, two Michigan-based mortgage giants. Not long after taking over the team, Ishbia made it clear that he would not allow any association with Rocket Mortgage within the Suns organization. This move led to the early termination of a sponsorship deal between Rocket Mortgage and the Suns, highlighting the intense competition between the two companies.
Despite sharing Michigan roots and a common alma mater in Michigan State, Ishbia and Rocket Mortgage Chairman Dan Gilbert have been engaged in a public feud for years. The rivalry intensified in 2021 when Ishbia issued an ultimatum to brokers, requiring them to choose between working with UWM or Rocket Mortgage. This action sparked legal battles and industry-wide repercussions, affecting businesses and employees associated with both companies.
Challenges and Controversies
While Ishbia’s aggressive tactics propelled UWM to the position of the nation’s largest mortgage company, they also drew criticism and legal challenges. Allegations of antitrust violations, coercion, and negative impacts on industry professionals have emerged as a result of Ishbia’s confrontational approach. The feud between UWM and Rocket Mortgage has not only dominated the mortgage industry but has also spilled over into personal and philanthropic endeavors.
Despite the intense rivalry and controversies surrounding Ishbia and Gilbert, both billionaires have navigated their professional interactions with a sense of cordiality. However, their differing business strategies and public disputes continue to shape the landscape of the mortgage industry and beyond. As Ishbia leads the Phoenix Suns towards success on the basketball court, his ongoing rivalry with Rocket Mortgage underscores the complexities of competition and ambition in the business world.
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