In amongst the many rumors and stories about how their situation with Kevin Durant will be resolved, a prominent NBA analyst has revealed that the Phoenix Suns may be having a cash flow crisis.
Speaking on the Basketball Illuminati podcast, Zach Harper of The Athletic suggested that Suns majority owner Mat Ishbia – who purchased the team in February 2023, along with WNBA franchise the Phoenix Mercury – is running a little short. Harper in particular spoke about the “whispers” around the NBA that Ishbia might have more paper wealth than cash at hand,
“There have been whispers and rumors within the last year that the Suns [ownership] might not have money”, said Harper. “Ishbia might not have cash. Thereâs questions about his business [United Wholesale Mortgage] and how liquid it was.”
Suns Have History Of Penny-Pinching
Ishbia’s 2023 purchase of the Suns in partnership with his brother Justin ended the controversial ownership tenure of real estate mogul Robert Sarver. Throughout Sarver’s time with the Suns, the team had trouble keeping up with the spending power of their peers, even when fielding the competitive – and pioneering – “Seven Seconds or Less” teams spearheaded by Mike D’Antoni and two-time MVP Steve Nash.
Former Suns general manager Steve Kerr – now head coach of the Golden State Warriors – recently spoke on how he was forced to trade Kurt Thomas and two first-round picks to the San Antonio Spurs in a summer 2007 deal, knowing full well it was a bad deal, when Sarver ordered him to cut payroll to save on luxury tax. This came 18 months before the Suns were going down to the league-minimum roster of 12 players at a time, for the league-maximum allowable period of two weeks at a time, just to save on every penny of payroll that they could.
These are just two examples of the spendthriftiness of the Sarver era. But they were certainly not the only two. Echoes of those days, then, will loom over the fanbase in light of Harper’s comments.
Difficulty In Reducing Massive Salary Expenditure
The Suns are set to have the second-largest payroll in the NBA next season at approximately $211 million, a figure that rises to closer to $300 million once luxury tax is added (especially at the repeater tax rate). Having a payroll of this size greatly inhibits how much a team can spend, through the removal of many of the salary cap exceptions that allow for roster movement. However, if the cash is not there either, the inhibitions become far greater and much more urgent.
The vast majority of the Suns’ payroll is tied up in just three players – Durant, Devin Booker and Bradley Beal. Beal cannot be traded, as his salary relative to his play gives him negative value; Booker, it is said, will not be. This makes Durant the available one by default.
However, as the rest of the NBA know of the Suns’ need to trade (rather than simply desire), they lose some leverage on the market. And if there truly are any legs to the cash flow rumor, that leverage is reduced further.
Suns To Cut Costs
Ishbia has not yet responded to the rumor, but he has been a vocal presence in his team’s decision-making already this summer. With the Durant situation a known issue – which will either result in him staying with the team or being dealt to one of many other potential suitors, depending on which rumor one reads on which day – Ishbia has let it be known that he intends to take a more active role in the basketball operations side of the franchise.
As of April 2025, Forbes listed Ishbia’s personal wealth at $9.8 billion, an estimate that includes the value of his share of the Suns. If there is any truth to the rumor, and thus a need to convert some of that equity into cash to meet operating expenses, it will create further angst around a Suns franchise already in an unhappy position. But whether or not the rumors are true, the Suns will be cutting costs this summer. If they can.
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