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Dillion Brooks proved so valuable to the Phoenix Suns this past season, the extended him for three more seasons. (Photo by Chris Coduto\/Getty Images)<\/p>\n
Getty Images<\/p>\n
HOENIX \u2013 Mat Ishbia, the majority owner of the Suns and Mercury, recently found himself in a precarious financial situation because of multi-millions of dollars lost and recouped through his company, United Wholesale Mortgage.<\/p>\n
That didn\u2019t stop the Suns from using the NBA\u2019s famous Larry Bird exception to extend forward Dillon Brooks by three years, $73 million, even though the club is well above the league\u2019s salary cap of $165 million. The Suns, according to Spotrac, are at $240.9 million, $80 million above the cap<\/a> and well beyond what the league calls its second financial apron.<\/p>\n Because the Suns obtained Brooks from Houston last year in the final season of his just-expired contract, they held his Bird rights and could extend him at up to 140% of his previous deal without clearing space under the cap.<\/p>\n Good for Brooks, who became the heart and soul of the team last season because of his on-and-off the court leadership and gritty play. Management responded, pairing him with franchise cornerstone Devin Booker for at least three more seasons.<\/p>\n \u201cIt makes you feel comfortable,\u201d Brooks said during a Friday media session after his new deal was announced. \u201cIt gives you a sense of trust. From the beginning when the trade happened I felt that trust. That\u2019s why I played so hard. That\u2019s why it was easy to sign this extension and be part of such a great organization.\u201d<\/p>\n Mat Ishbia Has Significant Financial Issues<\/p>\n There always seems to be something going on with Ishbia, who\u2019s embroiled in constant lawsuits, either internally basketball-wise or in his mortgage business. This time UWM suffered a large derivatives loss, losing a bet that interest rates would drop. The company announced a $2.05 billion capital raise to offset the losses.<\/p>\n The obvious question is how this might affect operations of the Suns and Mercury. UWM released a statement to Bloomberg saying not at all, which is well and good until it does. See Mark Walter, under financial scrutiny<\/a>, just selling the Lakers.<\/p>\n \u201cTrying to use this deal to suggest Mat\u2019s financial situation with UWM or the Phoenix Suns is threatened clearly ignores the facts. Furthermore, Mat is finalizing an agreement to buy out the remaining Suns and Mercury shareholders bringing the Ishbia’s total ownership to almost 99% of the teams.\u201d<\/p>\n Let\u2019s wait for that shoe to drop. Meanwhile, back to the Brooks\u2019 deal.<\/p>\n