Mat Ishbia — a one-time walk-on for Tom Izzo at Michigan State — is expected to finalize the purchase of an NBA franchise.

According to ESPN’s Adrian Wojnarowski, Ishbia is finalizing a deal to purchase the Phoenix Suns from Robert Sarver. Ishbia has since become a billionaire mortgage lender and is a key donor for the Spartans.

Wojnarowski is reporting Ishbia’s offer for the Suns includes the WNBA Mercury franchise and is at a record price of $4 billion for an NBA team. Wojnarowski writes that Ishbia is well-known and respected within the NBA league office and with commissioner Adam Silver. Ishbia’s purchase will be pending a completed background check and vote of approval but those items are expected to be formalities.

Though not official, Magic Johnson has reacted to the news on social media. Johnson revealed he has chatted with Ishbia and congratulated him on the purchase of the organization.