Billionaire mortgage lender Mat Ishbia and existing owner Robert Sarver announced Tuesday that they had reached an agreement to purchase the controlling ownership in the Phoenix Suns and the WNBA's Phoenix Mercury for a record sum of $4 billion, ending Sarver's rocky term.

ESPN noted that Ishbia has built strong relationships with many NBA owners and is well-liked by his peers in the league office, including commissioner Adam Silver.

His appointment is subject to a background investigation and the board of governors' approval, but this is seen as merely a formality.

A significant investment will be made by Mat Ishbia's brother and Shore Capital co-founder, alternate governor Justin Ishbia.

"I am extremely excited to be the next Governor of the Phoenix Suns and Mercury," Mat Ishbia said in a statement. "Both teams have an incredibly dynamic fan base and I have loved experiencing the energy of the Valley over the last few months."

When Ishbia buys more than half of the teams, it will acquire all of Sarver's stake plus a sizeable chunk of the stakes held by the minority partners.

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Mat Ishbia Phoenix Suns Acquisition Could Be the Most Expensive in NBA History

It could be the most expensive buy-in NBA history if the deal goes through at $4 billion.

In 2017, Tilman Fertitta paid $2.2 billion to the Houston Rockets; Joe Tsai paid $3.3 billion to the Brooklyn Nets and Barclays Center in 2019.

Before those purchases, Steve Ballmer bought the Los Angeles Clippers for $2 billion in 2014, the only other NBA franchise sold at that magnitude, per WOKV.

Magic Johnson, Mat Ishbia's fellow Spartan and Michigan alum, said in a tweet that he congratulated the billionaire.

Monty Williams, head coach of the Suns, declined to make any statements until the trade was finalized.

Current Phoenix Suns Owner Is Forced to Sell the Team

Finalizing Mat Ishbia Phoenix Suns acquisition takes a few weeks, and the process includes the NBA screening Ishbia; the sale needs to be approved by the league's board of governors.

The board's next scheduled meeting is in March, but it may be possible for members to meet electronically if the screening process is finished early.

Ishbia has been looking for a professional sports franchise for some time.

He has previously expressed interest in purchasing the Denver Broncos and the Washington Commanders of the National Football League.

According to Detroit Free Press, the current Suns owner, Robert Sarver, is virtually forced to sell the team after a series of papers were released in the previous year outlining a toxic working culture that the owner had nurtured for years. Racist and misogynistic comments and actions toward employees were among the things Sarver is accused of.

The NBA suspended Sarver for the season and penalized him $10 million in September after an inquiry into "workplace misconduct and organizational flaws" found he was at fault.

In the later part of the month, Sarver declared his intention to sell the team he had purchased in 2004 for $401 million.

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Written by: Bert Hoover

WATCH: REPORTS: Billionaire Mortgage Lender Mat Ishbia To Purchase Phoenix Suns - From CBS Sports HQ