Mat Ishbia walked into NBA ownership with the confidence of a business mogul who’d conquered the mortgage industry. Three years later, the Phoenix Suns’ owner is learning that running a basketball franchise requires a completely different playbook than the one that made him billions.
Why Has Mat Ishbia Struggled as Phoenix Suns Owner?
Nothing has gone right for the Phoenix Suns since United Wholesale Mortgage CEO Ishbia took over as franchise owner in late 2022. His tenure started with aggressive trades for Kevin Durant and Bradley Beal, hoping to create a championship-caliber big three alongside Devin Booker.
However, the experiment failed spectacularly, with the team unable to make it past the second round of the playoffs in three years. While Ishbia can’t be solely blamed for the failure, former Dallas Mavericks majority owner Mark Cuban recently shed some light on why he has found it hard in his first years in the league.
Cuban has always been outspoken and didn’t shy away from acknowledging that new owners tend to think their business experiences would apply to the NBA. The Mavs’ minority owner argued that it was particularly tough for the new owners due to advanced technologies being used and, of course, the new CBA that came into effect right when Ishbia took over as the Suns’ owner.
“It’s really hard because you are only in a position to buy a team because you have had a lot of success in business,” Cuban said. “When I came in, he came in, and others, you think your business experience is going to apply 100% and you’ll be able to just take over.
“Actually, when I came into the league, it was a lot easier, a lot of old-school owners, but now it’s really hard. It’s a lot more advanced, there’s a lot more science, data, and analytics, and now the new CBA makes it even tougher, and he just came in about three years too late.”
Mark Cuban spoke to @Espo about Mat Ishbia and “New Owner Syndrome” 🗣️
“It’s really hard… when I came in the league it was a lot easier… now it’s really hard.”
He also adds that he likes Ishbia and Suns fans have “a good one.” 👀 pic.twitter.com/GaWYZQN5FB
— PHNX Suns (@PHNX_Suns) July 11, 2025
What Does Mark Cuban Think About Ishbia’s Future With the Suns?
Despite the struggles, Ishbia appears to be learning the lessons and has parted ways with Durant. While Beal’s contract still remains a liability, he is expected to be bought out. It won’t solve much for the Suns, as they would still carry a dead cap hit of $19.4 million on their books every season through 2029-30, but the franchise appears to be ready for a reset.
Cuban is optimistic about the team’s chances and believes the Suns have a good owner in Ishbia.
“I like Mat, I think he is super smart. Sun fans have a good one,” he concluded.
Meanwhile, Ishbia recently concluded contract negotiations with franchise cornerstone Booker and handed him a massive two-year, $145 million maximum that keeps him with the team through 2029-30. The two sides are reportedly on the same page about the Suns’ future, but it remains to be seen how Ishbia’s bets pay off this time.
