The NBA Board of Governors announced on Monday that it had approved the group, led by mortgage industry executive Mat Ishbia, to acquire the Phoenix Suns and Phoenix Mercury.

The transaction, which values the Suns and Mercury at $4 billion, first became public in December. The NBA said in a news release that the deal is expected to close this week, and both teams will change hands for the first time in 19 years.

The seller is Robert Sarver, managing partner of Suns Legacy Holdings, which owns the Phoenix Suns and Mercury. The executive acquired both teams in details ⇒

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