Incoming Phoenix Suns owner Mat Ishbia claps as the 1993 Phoenix Suns team is introduced during halftime of their game against the Indiana Pacers in Phoenix on Jan. 21. (AP file photo)

PHOENIX (AP) — Mortgage executive and former Michigan State guard Mat Ishbia is the new majority owner of the Phoenix Suns and WNBA’s Phoenix Mercury, after the NBA’s board of governors approved his plan to purchase the controlling stake of those franchises from Robert Sarver.

The league announced the approval Monday night, saying the transaction will be finalized later this week. The vote was 29-0, with the Cleveland Cavaliers abstaining, according to a person who spoke to The Associated Press on condition of anonymity.

Ishbia agreed on Dec. 20 to the deal, one that put the total value of the Suns and Mercury at $4 billion. Ishbia and his brother Justin said then that they would be acquiring more than 50% of the franchises.