Suns minority partners file lawsuit accusing Mat Ishbia of blocking access to team records
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Phoenix, AZ, Aug. 27, 2025 — Two minority stakeholders who remained with the Phoenix Suns after Robert Sarver sold the franchise have sued the team, alleging majority owner Mat Ishbia is withholding internal financial documents.
The complaint, filed under seal in Delaware on Aug. 21 and released in redacted form Wednesday, lists Kisco WC Sports II and Kent Circle Investments as plaintiffs. The entities are led by Andy Kohlberg, founder and CEO of Kisco Senior Living, and Scott Seldin, president of Kent Circle Partners. Both held small stakes under Sarver, who sold the Suns and WNBA Mercury in 2023 following an NBA investigation into workplace misconduct.
Ishbia paid $2.28 billion for a 57% controlling share, while Sarver collected $1.48 billion for his remaining 37%. At that time, 14 of 16 minority partners accepted Ishbia’s buyout at a $4 billion valuation; Kohlberg and Seldin did not.
Allegations in the suit
Attorneys Michael Carlinsky and Michael Barlow of Quinn Emanuel wrote that their clients are entitled to detailed records on spending and capital calls but have been refused access. They singled out questions surrounding the $100 million Mercury practice facility unveiled in July 2024 and claimed Ishbia has not explained how that project was financed.
The lawsuit also contends that Ishbia issued a June 2, 2025 capital call “to exert pressure on and dilute” minority owners one day after Kohlberg’s camp requested a final answer on a potential buyout. Plaintiffs allege undisclosed “side deals” may have been struck with other partners during that process.
Team response
The Suns declined to comment on the filing, which is the organization’s sixth lawsuit since November 2024; five others were brought by current or former employees alleging workplace violations.
In a letter dated Tuesday and obtained by ESPN, attorneys for the Suns and Ishbia said Kohlberg and Seldin recently demanded $825 million for their combined shares, implying a franchise valuation near $6 billion—roughly 60% higher than the 2023 sale price. The letter states the team has “no obligation” to purchase those interests and accuses the minority owners of using “baseless litigation” to force an inflated buyout.
The correspondence adds that Ishbia will continue aggressive spending to pursue championships and maintain first-class operations for both the Suns and Mercury, even if that means exceeding the NBA’s luxury-tax threshold.
The case remains pending in Delaware Chancery Court.
Source: ESPN
