Mat Ishbia is chairman and CEO of Michigan-based mortgage lender United Wholesale Mortgage.

Ishibia, 42, set to buy NBA and WNBA clubs from Robert Sarver.

Sale will represent largest purchase of team in NBA history.

Has apparently finalised a $4 billion agreement to buy both the Phoenix Mercury of the WNBA and the Phoenix Suns of the NBA.

The sale is expected to take several weeks to complete.

According to ESPN, Ishbia has been pursuing NBA and NFL teams in recent year.

Mat joined the firm in 2003 after graduating from Michigan State and became CEO in 2013.

His brother Justin is also a billionaire thanks to his 22% stake in the company.