East Lansing, Mich. - Tom Izzo is proud to have had an effect on Mat Ishbia, but he’s glad he didn’t have too much of an effect.
“Man, it’s a good thing he didn’t go into coaching,” Izzo said on Thursday, shortly after news was released that Ishbia has made a donation commitment of $32 million to Michigan State University.
Ishbia is chairman, president and CEO of United Wholesale Mortgage, the largest wholesale mortgage company in the nation. Ishbia was a member of MSU’s 2000 National Championship team as a walk-on, back-up point guard.
“His last year, he sat right next to me on the bench,” Izzo said of Ishbia. “I think he was looking into getting into coaching, and I enjoyed his perception on what was going on, so he sat right next to me.”
Rather than become a coach, Ishbia took over UMW, a small business owned by his father. UMW had fewer than 15 employees at the time. Now UMW employs more than 8,000 people. Ishbia has become one of the most celebrated entrepreneurial success stories in the world.
As a player at Michigan State, Ishbia was a favorite of The Izzone, and often took the court for the final moments of games. He was a human victory cigar.
“I was thinking if Mat had made that lay-up on the last shot of the National Championshiop Game, maybe he would have had a life in basketball and wouldn’t have made half the money he’s making as an entrepreneur in business,” Izzo joked.
Safe assumption. Ishbia is listed as one of the 50 richest people in America by Forbes.
Now Isbhia, who was three-time Academic All-Big Ten at Michigan State and a graduate of MSU’s Eli Broad College of Business, is sharing that wealth with his alma mater.
His $32 million commitment is the largest single cash donation in MSU’s history from an individual.
His donation will help fund significant expansion of MSU’s athletic facilities.
“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 statement released by the university, Thursday.
Ishbia, Izzo and members of the university are scheduled to take part in a Zoom press conference on Friday.
As part of Ishbia’s donation, he saw to it that the court at Breslin Center would be renamed Tom Izzo Court, and the expansion of the football facility will have Izzo’s name on it as well.
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Honoring the coach/player, mentor/mentee relationship between Coach Izzo and himself, Ishbia will give $2 million towards the Men’s Basketball Excellence Fund to be used at the discretion of the head coach to support the program.
“From the first day he joined our basketball team and in the years following, I’ve watched Mat continue to make an impact for the betterment of others, taking the lessons he learned at Michigan State and instilling them in his company,” said Izzo. “Every day, as a member of the team, Mat wanted to improve himself and others around him, knowing that on every successful team, just as in business, everyone has a part to play. He has never relented that attitude.”
“This gift speaks volumes to Mat’s character and the way he runs his business today; always focusing on creating a family atmosphere and being there for one another. His generosity will benefit the Spartan family for years to come, enriching the lives of so many Spartans well beyond their time at Michigan State. I am honored and humbled by his gift and thankful for his philanthropy, but I am more proud of the man he is. Mat’s parents always supported Mat throughout his college career, as Mat has done with his own kids, and with his gift he will support the life journey of so many more Spartans. Like me, he’s been lucky enough to live his dreams. Today he’s helping countless Spartans to live theirs. ”
“Mat has a National Championship as a player and has developed a National Championship business. We appreciate the role model you’ve become to Spartans past, present and future.”
The largest portion of the Ishbia commitment ($20M) will be football-focused, providing resources to construct an expansion of the Skandalaris Football Center to include improving the football auditorium, expanding the weight room and creating new player lockers, informal meeting spaces, and recovery modalities consistent with the country’s best programs, as well as a dining and nutrition area to give head football coach Mel Tucker resources to compete for championships.
“Facilities show a commitment to excellence,” said Tucker. “Mat’s gift will make a profound impact on our program and is a statement that Michigan State is relentless about excellence, both on and off the field, in our pursuit of championships.
“Recruits and student-athletes are comparing our campus and our facilities to the other top programs in the country. Thanks to Mat’s generosity and vision, we will have a state-of-the-art football facility that will be among the best in the nation. We’re incredibly excited to unveil these enhancements in the near future.
“I’m honored to be the head coach in a building named after Tom Izzo. Having his name permanently associated with our program will be a living testament to his values of grit, toughness and passion, which is what this Spartan program is all about. I couldn’t be more excited for our program right now.”
Additionally, $2 million of Ishbia’s commitment will create the Spartan For Life Fund focused on leadership and career development to serve as a springboard for all student-athletes to find employment after graduation and to assist with life-long career opportunities.
“I’m extremely excited about the Spartan for Life Fund for current and future alumni. This will create so much opportunity for the MSU family to be connected to companies looking to hire individuals with drive, a strong work-ethic and passion. Seven of my former MSU basketball teammates are now my teammates now at UWM, including the legendary Mateen Cleaves. Mateen has made a massive impact on our team as a leadership coach helping guide our 700 leaders just like he guided me when we played at MSU together,” said Ishbia.
The residual amount of the commitment will create the MSU Athletics Excellence Fund to provide both flexible and unrestricted resources that can address needs and take advantage of new opportunities as they arise.
“MSU Athletics is extraordinarily grateful for Mat’s transformative gift, which is an example of bringing our mission to life,” said MSU Vice President and Director of Intercollegiate Athletics Bill Beekman. “Mat’s gift will forever enhance our department’s ability to ‘provide opportunities for our student-athletes to succeed academically, athletically, and in their life’s pursuit.’ Years from now, we will point back to this truly historic day as a catalyst for broad success.”
Pending MSU Board of Trustee aporoval, Ishbia has requested that the expansion of the Skandalaris Football Center and the Jack Breslin Student Events Center’s basketball court be named in honor of Tom Izzo, and the southwest entrance of the Breslin Center and a display case inside be named in honor of Jeffrey and Joanne Ishbia.
“Mat is a brother to me and the Ishbia’s are family, so Mat does not need me to heap credit or praise upon him. That is not who he is or what he seeks,” said MSU Trustee Emeritus Brian Mosallam. “His refusal to name anything after himself speaks to his humility and character. It is a testament to his upbringing and the values instilled in him by his parents, Mr. and Mrs. Ishbia and speaks volumes about the way he was raised. Mat loves his parents, Coach Izzo and Michigan State University and finally felt the right leadership was in place to carry out his vision.
“Mat will single handily change the trajectory of MSU athletics and will impact thousands of Spartans’ lives forever. No other Spartan can claim this. Mat Ishbia is the greatest Spartan ever.”