Sources say Mat and Justin Ishbia among bidders to buy Broncos

Sources say Mat and Justin Ishbia among bidders to buy Broncos
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Mat Ishbia is a former Michigan State National Basketball Champion. He and his brother recently visited the Broncos and team sales reps.

ENGLEWOOD, Colo. — There are players who play in the arena but struggle to find their way once their playing days are over.

And there are players who aren’t stars but are thriving outside the arena to be financially successful.

Meet Mat Ishbia, a reserve for Tom Izzo’s 1999-2000 national championship team at Michigan State, who is now so big in the mortgage business that he’s among the bidders to buy the Denver Broncos , sources told 9NEWS.

Ishbia and her brother Justin are part of a group that has crafted a financial proposition strong enough to catch the attention of Broncos sale officials. The Ishbia brothers recently visited Broncos executives and those involved in the team sale.

Sources tell 9NEWS that investment groups led by Rob Walton and Josh Harris have also visited Broncos facilities and met with team executives in recent weeks. Another possible bidder, Todd Boehly, has traveled to London in recent weeks to complete his $4.25 billion purchase of Premier League football team Chelsea. It’s unclear if Boehly is still a potential bidder for the Broncos. Media mogul Byron Allen is also in the running to bid on the Broncos, a source told 9NEWS, although he has yet to visit the team.

>> Video above: Klis & Tell: Broncos still visit ownership candidates

Walton and Harris were seen as the leaders to land the winning bid on the Broncos, who are expected to sell for at least $4 billion and could approach $5 billion once the second round of bidding is completed. Again, with inflation hampering the overall economy, potential Broncos investors could take a more conservative approach in the bidding process.

Along with the highest bid, the chosen owner candidate must also receive approval from the NFL’s finance committee and 75% of the league’s 32 owners.

A second-round tender could take place within the next two weeks, according to a source. The Broncos and the three trustees of the Patrick D. Bowlen Trust — Joe Ellis, Rich Slivka and Mary Kelly — announced Feb. 1 that the team was for sale. Pat Bowlen bought the Broncos in 1984. He died in June 2019 of complications from Alzheimer’s disease.

RELATED: Source: Byron Allen still in the works to buy the Broncos

RELATED: Potential owner Rob Walton visiting the Broncos

A source told 9NEWS three weeks ago that the Broncos’ bidding process began with 10 investment groups submitting first-round proposals, after which the field was narrowed down to five groups.

Because the sale of the Broncos is through the Bowlen trust, she has fiduciary responsibilities to the beneficiaries of the trust — her seven children — to secure the top price. So the auction process like.

Exclude the Ishbia brothers. While 9NEWS profiled the Walton and Harris bands, little was mentioned about the Ishbias. (Contrary to previous reports, Los Angeles businessman Alec Gores and Florida investor Dean Metropoulos are not part of the Ishbia Group bidding on the Broncos.) Although there are other investors in the Ishbia Group, a source says Mat would be the majority owner who would put in place the minimum requirement of 30% of the purchase price if the Ishbias’ bid was successful.

Zoom on the Ishbia group which could compete with Walton and Harris in the purchase offer of the Broncos:

Mat Ichbia

Although he was a rarely used 5-foot-10, 175-pound backup point guard on the 2000 Michigan State national championship team led by coach Izzo, Ishbia was considered an invaluable part. of the team. Going into his senior year, the Spartans media guide said Ishbia “was one of MSU’s team leaders in the locker room. … Good work habits set an example for a young Spartan team. … MSU is 34-1 when playing in a game.

A walk-on, Ishbia averaged 2.4 minutes and 0.6 points per game in his three seasons with the Spartans. But like many reserves, Ishbia, now 42, was smart, aware and resourceful. As a senior at Seaholm High School in Birmingham, Michigan, Ishbia averaged 23 points and 7 assists per game. A member of the National Honor Society in high school, he graduated from Michigan State with a degree in general management.

After his four years on the Spartans basketball team (he practiced with the team as a redshirt rookie), Ishbia spent a year as a student assistant coach under Izzo in 2002-03, then joined his father’s United Wholesale Mortgage (UWM) company. Starting at the bottom, Mat worked his way up to now be President and CEO of the company which has been the nation’s #1 wholesale mortgage lender since 2015.

According to Yahoo Finance, Mat Ishbia’s net worth is around $11 billion, although Bloomberg lists his worth at around half.

Mat Ishbia’s relative youth compared to Rob Walton, 77, and Harris, 57, and his experience with a national champion in a major college program could be game-changing if all the offers are the same.

Mat Ishbia said on his Linkedin page:

“Over seventeen years ago, I combined my passion for people and teamwork with my competitive spirit to create the #1 wholesale lender and #2 mortgage lender in the nation, where team members are encouraged to be themselves and an award winning family culture is practiced My father offered me the opportunity to work at UWM in 2003 where I started in entry roles range and have worked hard to learn and grow with the company. There were 12 people when I joined UWM, and since then we have grown to a team of over 8,000 people and become a business public on January 22, 2021, under the symbol UWMC.

“Prior to UWM, I played for the Michigan State basketball team for four years – made three finals and won the national championship in 2000. I also spent a fifth year at coaching alongside Tom Izzo. During this time, I learned a lot about leadership and the importance of questioning the WHY, which inspired me to adopt a team-oriented approach to business and a style of leadership at UWM.

“At our company, we treat our team members and partner brokers like family, and we believe great things happen when you’re willing to work hard and have a positive attitude. We’re all ready to grow the wholesale channel and are always looking for new ways to improve our industry-leading service, products and proprietary technology to further support independent mortgage brokers.”

Justin Ichbia

Mat’s older brother Justin, 44, lives in the Chicago suburb of Winnetka. He owns 22% of his UWM Holdings and is also the founder and managing partner of Shore Capital Partners, a private equity firm in which Mat is also a partner. Justin graduated from Michigan State before earning his law degree from Vanderbilt. Forbes lists Justin Ishbia’s net worth as $1.4 billion.

Written on Justin’s Linkedin page:

“Justin is Managing Partner and Founding Partner of Shore Capital, a private equity firm focused on partnering with companies that have between $1 million and $10 million in EBITDA (earnings before interest, taxes, depreciation and amortization). ..

Prior to being a founding partner of Shore, Justin worked as an investment professional at Valor Equity Partners, a Chicago-based private equity firm. Prior to joining Valor, Justin was an associate in the private equity group at Kirkland & Ellis.

Outside of office, Justin is a member of the Young Presidents’ Organization (YPO) and the Vanderbilt University Law School Advisory Board, as well as a trustee of Rush University Medical Center. Additionally, Justin has been a guest lecturer at Vanderbilt University Owen Graduate School of Business, Loyola University of Chicago Law School, and the Thunderbird School of Global Management. Justin earned his JD from Vanderbilt University School of Law. Justin received a certificate in law and business from the Vanderbilt Owen Graduate School of Management and a BA in accounting from Michigan State University. Justin is a member of the Illinois State Bar and a CPA.”

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