Mortgage executive Mat Ishbia has agreed in principle to buy the Phoenix Suns and Phoenix Mercury from the embattled owner Robert Sarver for $4 billion, a person with knowledge of the negotiations told The Associated Press on Tuesday.

It is the first step in a process that is expected to take several weeks to complete, according to the person, who spoke to the AP on condition of anonymity because neither Ishbia nor the Suns had disclosed the agreement publicly.

ESPN first reported the agreement between Sarver and Ishbia — who is chairman, president and chief executive of United Wholesale Mortgage, which bills itself as the nation’s top overall mortgage lender. Forbes recently listed Ishbia’s net worth at $5.1 billion.

Ishbia, a former Michigan State player and a member of the Spartans’ NCAA championship team in 2000, will now be subject to a vetting process by the NBA. Once that process is completed, the NBA’s board of governors will have to approve the sale. The board isn’t scheduled to meet again until March, though it could convene virtually if the vetting process is successfully completed beforehand.