Which Michigan State basketball alumni is a billionaire?
While many student-athletes go on to make a lot of money, not many compare to a former Michigan State basketball player who became a billionaire after his playing days wound down.
But who is the former Spartans player in question?
Which Michigan State player became a billionaire?
Mat Ishbia played basketball for the Michigan State Spartans as a walk-on under coach Tom Izzo and was even part of the team that won the national championship in 2000.
He joined his father Jeff's wholesale lending company, United Wholesale Mortgage, in 2003 after graduating from Michigan State and took it public, making himself a billionaire.
In 2015, the former Michigan State alum made United Wholesale Mortgage America's largest wholesale lender and is currently the president and CEO of the company, of which he owns 71%.
According to Forbes' real-time net worth tracker, the 44-year-old bachelor of business administration graduate is currently worth $7.7 billion. He also owns the Phoenix Suns of the NBA, purchasing the team for $4 billion from Robert Sarver.
Mat Ishbia makes a huge donation to MSU
In 2021, Ishbia donated $32 million to his alma mater. The money was used to build a new football facility and renamed the basketball court at the Breslin Center after his old coach, Tom Izzo.
“What Mat Isbhia has done for our university and for our program, for me in particular, is about as humbling and as sort of tear-jerking as anything has happened to me…,” Izzo said.
“I think Mat looked at a time when, geez, universities are all struggling, our athletic department is struggling, our country's struggling. And he just he just came through when times are our toughest."
Ishbia released a statement after making the gigantic donation, thanking his former coach and alma mater.
“This donation is not about me, this is to give credit to and thank coach Tom Izzo, the business school and Michigan State University for the incredible impact they have had on my life,” Ishbia said in a release.
$2 million of the donation was set aside to be used in the MSU Men’s Basketball Excellence Fund, which is at the discretion of the coach to help support the program.
A further $2 million was also set aside for the Spartans For Life Fund, which would help former student-athletes find employment via development programs after leaving college sports.
Mat Ishbia's windfall seems to have become a boon for the Spartans and is paying off for the program years after their famous alumni left it.