PHOENIX, Az. — Two minority owners from the Robert Sarver era are taking the Phoenix Suns to court. In a lawsuit filed Aug. 21 in Delaware, the investors claim majority owner Mat Ishbia has “refused access to internal records.” ESPN obtained a redacted version Wednesday. Front Office Sports first broke the news.
Mat Ishbia, Suns Sued For The Sixth Time Since November 2024
The suit comes from Andy Kohlberg of Kisco WC Sports II and Scott Seldin of Kent Circle Investments. Both men rejected Ishbia’s 2023 buyout offer, when he purchased his controlling stake in the Suns and Mercury for $2.28 billion. Sarver exited with a $1.48 billion sale. Fourteen of sixteen partners sold. Only Kohlberg and Seldin held out.
This is the sixth lawsuit against the Suns since November 2024. Five others came from employees who alleged harassment, retaliation, or discrimination. The ownership battle continues, and at its center is the fact that the Suns and Matt Ishbia have been sued.
Allegations of Lack of Transparency
Kohlberg and Seldin argue the Suns denied them key financial details. Their attorneys, Michael Carlinsky and Michael Barlow of Quinn Emanuel, said in a statement:
“Our clients sued to obtain records to which they are entitled as minority owners of the Suns. They are concerned by the manager’s approach towards minority owners and want more information about certain spending and capital raises. Transparency with minority owners is not optional.”
Central to their concerns is the Mercury’s $100 million practice facility, unveiled in July 2024. They say they were never told how the project was funded. The only response from the Suns was that they had “complied with [their] duties under the LLC Agreement.”
Buyout Talks and Capital Calls
Kohlberg began buyout discussions in September 2024. Negotiations stretched into 2025. His attorneys allege that one day after Kohlberg pressed for an answer, Ishbia issued a new capital call “to exert pressure on and dilute” minority shares. The lawsuit also suggests Ishbia “may have entered into undisclosed side deals” with other ownership members.
Suns Push Back
Team attorneys say the investors demanded an $825 million buyout — a valuation near $6 billion, far above Ishbia’s 2023 purchase price. “Make no mistake, [Ishbia] does not intend to reduce or slow its investments,” the Suns’ letter stated. “Instead… Kohlberg and Seldin have resorted to threatening baseless litigation and sensationalized press coverage. That will not work.”
A Pattern of Conflict
The case highlights the tension that has followed Ishbia’s takeover. The Suns cite investment and culture, but ownership disputes persist. Another lawsuit ensures the phrase “Suns and Mat Ishbia are getting sued” won’t fade anytime soon.
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