Mat Ishbia countersues Suns’ minority shareholders

That original suit, which was brought forth in August by Andy Kohlberg (Kisco WC Sports) and Scott Seldin (Kent Circle Investments), alleged that Ishbia wasn’t allowing them to view records and financial information that would help them understand how the franchise is being run and how much their shares are worth. Kohlberg and Seldin, expressing dissatisfaction with Ishbia’s management of the team, were reportedly seeking a buyout from the majority owner at a price point of $825MM, which would value the Suns at $6 billion.

Ishbia, who bought the Suns in 2023 at a valuation of $4 billion, offered to buy out the team’s minority owners when he took over control of the franchise and says that Kohlberg and Seldin were the only ones who passed on the offer.

Ishbia’s new suit states that he has invested significantly in the Suns and the WNBA’s Phoenix Mercury since buying the team and sought funds on a capital call in June to “cover payroll, luxury tax payments and other near-term obligations,” per Vorkunov. The suit also alleges that Kohlberg and Seldin didn’t want to invest during that round of fundraising and that their lawsuit was part of a negative PR campaign against Ishbia as they sought a buyout from him at an “extortionate” cost.

“When Mat Ishbia bought the Suns and Mercury, he couldn’t have been clearer with investors: he was going to invest in the teams, the fans, and the community,” an Ishbia spokesperson said in a statement. “Every investor had the choice at that point — sell at premium or stay in and invest alongside him. Andy Kohlberg and Scott Seldin want it both ways. They don’t want to invest in the teams, but they are demanding a payday significantly higher than what Mat originally offered, which was still over 20 times their original investment. That’s not how it works, and we’re confident we’ll prevail in court.”

There has been no shortage of legal battles in Phoenix since Ishbia took over the team. Outside of this dispute between the team’s investors, several former employees have filed lawsuits against the Suns, alleging discrimination, harassment, and wrongful termination, per Vorkunov. Ishbia said at media day that he wasn’t looking to settle those suits.

“The truth is, you actually got to win a lawsuit,” he said. “And where I’m different than most successful people … is like, we don’t settle. If we don’t do anything wrong, I’m not paying someone. I hope you guys all report on how many lawsuits we actually lose.”