Matt Ishbia And The Phoenix Suns Sued By Minority Owners

CHICAGO, ILLINOIS – NOVEMBER 08: Owners Matt Ishbia and Justin Ishbia of the Phoenix Suns look on during the first half between the Chicago Bulls and the Phoenix Suns at the United Center on November 08, 2023 in Chicago, Illinois. NOTE TO USER: User expressly acknowledges and agrees that, by downloading and or using this photograph, User is consenting to the terms and conditions of the Getty Images License Agreement. (Photo by Michael Reaves/Getty Images)

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Phoenix Suns owner Matt Ishbia is facing legal trouble as two minority Suns owners, Andy Kohlberg and Scott Seldin, who were minority owners under former Suns owner Robert Sarver have filed a lawsuit against him per Baxter Holmes of ESPN.

This lawsuit was filed by Kohlberg and Seldin against Ishbia due to their claim of him withholding team records that they are entitled to as minority owners. Although Ishbia is the majority owner with a controlling 57% share of the team, the business practices of the Suns still have to be spoken about with the minority owners. According to these two, there have been increases in spending and capital that they would like more information about, which Ishbia has allegedly been withholding.

The specific issue stems from the unspecified source of funding that powered the Phoenix Mercury’s new $100 million practice facility that was unveiled in 2024. According to the suit, when Ishbia was asked to provide information about where the funding for this facility came from, he did not provide any information.

There is also a dispute between Ishbia and Kohlberg and Seldin about the valuation of the buyout they are seeking. According to a letter obtained by Baxter Holmes of ESPN, Kohlberg and Seldin are seeking $825 million for their share of the Suns, which is a figure that is extremely higher than what the Suns were valued at when Ishbia bought the team in 2023. Ishbia and his legal team have responded to this lawsuit, essentially saying that these claims are baseless and are a means to try and corner Ishbia into buying Kohlberg and Seldin’s share out for an exorbitant price.