Suns Minority Owners Sue Mat Ishbia, Seek Records in $825 Million Buyout Clash

Two minority investors in the Phoenix Suns and WNBA Mercury have sued controlling owner Mat Ishbia and the franchises’ holding companies in Delaware’s Court of Chancery, seeking access to financial records they say are being withheld. The plaintiffs—Kisco WC Sports II, led by Andrew Kohlberg, and Kent Circle Investments, led by Scott Seldin—allege conflicts of interest, mismanagement and undisclosed "side deals" that could dilute their ownership stakes. The complaint says Ishbia initiated a June 2 capital call at what the plaintiffs describe as an artificially low price, a move they claim was intended to pressure minority partners and diminish the value of their holdings. They also cite a lack of transparency over funding for a $100 million practice facility for the Mercury and other spending decisions. Correspondence released with the suit shows the two investors asked Ishbia to buy their combined stake for $825 million, implying a franchise valuation of roughly $6–7 billion—about 60 percent higher than the $4 billion valuation at which Ishbia acquired a 57 percent interest in 2023. In an August 26 letter, team counsel rejected the demand and accused the investors of using “sharp and abusive tactics” to force a premium buyout, while stating they are free to sell their shares elsewhere. Fourteen of the Suns’ 16 previous minority partners accepted Ishbia’s 2023 buyout offer, leaving Kohlberg and Seldin as the only holdouts. The current suit asks the court to compel the team to hand over detailed books and records, cover legal fees and grant any further relief it deems appropriate. The Suns organization has declined to comment beyond the letter.