The Suns owner responds and files a countersuit against those who sued him

The owner of the Phoenix Suns, Mat Ishbia, has filed a counterclaim against two minority shareholders who earlier this year took him to court, as reported by Mike Vorkunov (The Athletic). The conflict, which began as an internal dispute over financial transparency, has escalated into a battle for control and the team's value.

In August, entrepreneurs Andy Kohlberg (Kisco WC Sports) and Scott Seldin (Kent Circle Investments) filed a lawsuit alleging that Ishbia was blocking their access to records and financial documents that would help them understand how the franchise is managed and, most importantly, the real value of their stakes.

Both shareholders, dissatisfied with the majority owner's management, were seeking a forced purchase of their shares for around $825 million, a figure that would value the Suns at $6.000 billion.

However, Ishbia —who bought the team for $4.000 billion in 2023— maintains that, when he took control of the franchise, he offered to buy out all minority partners' stakes, and that only Kohlberg and Seldin declined that proposal.

Ishbia's Counterclaim

Ishbia's new legal action alleges he has made significant investments in both the Suns and the Phoenix Mercury (WNBA) since his arrival, and in June launched an internal fundraising round to cover operating expenses, salaries, luxury taxes, and other immediate obligations.

According to the lawsuit, the two plaintiff partners refused to contribute capital in that call and instead launched a negative public campaign against Ishbia with the aim to force a purchase of their shares at an "extortionate" price.

A spokesperson for the owner summarized the team's stance: “When Mat Ishbia bought the Suns and the Mercury, he was clear with investors: he would invest in the teams, the fans, and the community. Each had the option to sell at a premium or continue investing alongside him. Andy Kohlberg and Scott Seldin want both: not to invest, but to demand a much higher payout than what Mat offered, which was already over 20 times their initial investment. That does not work, and we are confident we will prevail in court.”

Since Ishbia took over the franchise, the Suns have not been without legal controversies. Aside from this internal battle among partners, the team faces several labor lawsuits filed by former employees alleging discrimination, harassment, and wrongful dismissals, according to The Athletic.

During the media day, Ishbia was adamant that he has no intention of reaching settlements out of court: “The truth is, you have to win a lawsuit. And where I'm different from most successful people is that I don't settle. If we did nothing wrong, I'm not going to pay anyone. I hope they report how many lawsuits we actually lose.”

This news is an automatic translation. You can read the original news, El propietario de los Suns replica y lanza una contrademanda a los que lo llevaron a juicio