Suns owner Mat Ishbia files countersuit against minority partners over $825 million buyout demand
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Phoenix Suns majority owner Mat Ishbia has filed a countersuit against minority investors Scott Seldin and Andy Kohlberg, accusing them of insisting that he purchase their stakes at an “exorbitant premium,” according to court documents obtained by ESPN.
The action was entered on Tuesday, Oct. 14, 2025, in Delaware State Court. Seldin and Kohlberg, holdovers from former owner Robert Sarver’s tenure, had sued the organization in August, alleging they had been denied access to internal records.
In an earlier letter sent to the two investors, the Suns said Seldin and Kohlberg demanded $825 million for their shares—an amount that would value the franchise at roughly $6 billion, a 60% increase over the price Ishbia paid when he secured controlling interest in 2023. The team argued it had no obligation to meet that figure.
“Every investor had the choice—sell at a premium or stay in and invest alongside him,” a spokesperson for Ishbia said Tuesday. “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.”
An attorney for Seldin and Kohlberg did not immediately respond to requests for comment.
The August complaint from the two minority owners was the sixth lawsuit filed against the Suns since November 2024. The other five, brought by current or former employees, include claims of discrimination, retaliation, harassment and wrongful termination.
Ishbia addressed the growing list of legal challenges during a Sept. 24 appearance on ESPN’s “NBA Today.” “Anyone can file a lawsuit for any reason,” he said. “How many lawsuits have we actually lost? Zero. How many will we lose? Zero.” Ishbia added that the organization does not settle cases it believes lack merit.
The case moves forward in Delaware, where the court will determine whether the team must buy out the minority stakes and, if so, at what price.
Source: ESPN
