Exclusive: Phoenix owner Mat Ishbia says "building a sports empire" doesn't always work

Phoenix Suns and Mercury owner Mat Ishbia told Axios Tuesday that "trying to build a sports empire" through private equity doesn't always equate to a winning experience.Why it matters: Private equity firms are pouring billions into professional sports as franchise valuations soar.Zoom in: Ishbia, who acquired a majority stake in the franchises at a roughly $4 billion valuation, has emphasized long-term investment in his teams rather than maximizing short-term profits."I'm not trying to make money. I'm trying to, you know, impact fans and make it a fun thing," he said on stage at Axios' annual Media Trends Live event in New York City."It's a game of abundance. Create more fans. Money will follow. Do the right thing."Zoom out: Ishbia has challenged traditional sports business models, including making local Suns and Mercury games available free over the air."I think it's the right thing to do," Ishbia said. "Like I own the team, but it's really the city of Phoenix's team. And so how can you become a fan of a team if you can't watch them?"Ishbia claimed the Suns "have more fans watching our games" and the team is fourth in market ratings.Between the lines: Ishbia recently acknowledged…

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