URGENT UPDATE: Phoenix Suns majority owner Mat Ishbia has just filed a counter-lawsuit against minority owners Scott Seldin and Andy Kohlberg, alleging they are demanding an outrageous buyout of their shares. The lawsuit was filed Tuesday in Delaware State Court and brings to light a heated dispute within the franchise.
Ishbia claims Seldin and Kohlberg are insisting he purchase their ownership stakes for a staggering $825 million. This amount values the Suns at approximately $6 billion, representing a 60% increase from when Ishbia acquired his controlling interest in 2023. The escalating financial demands are at the heart of this contentious legal battle, which could have significant implications for the team’s future.
The backlash began when Seldin and Kohlberg filed their own lawsuit against the Suns in August 2024, accusing Ishbia of denying them access to internal records. In a letter from the team, obtained by ESPN, the Suns asserted they are under no obligation to meet the exorbitant buyout demands from Seldin and Kohlberg.
A spokesman for Ishbia emphasized the fairness of his initial offer, stating, “Every investor had the choice at that point—sell at premium or stay in and invest alongside him.” Ishbia has positioned himself as a committed owner focused on investing in the Suns and the community, but he argues that Seldin and Kohlberg want both financial security and to avoid additional investments.
The legal skirmish is not isolated; it marks the sixth lawsuit against the Suns since November 2024, with previous cases involving allegations of discrimination and wrongful termination from both current and former employees.
Addressing the ongoing legal challenges, Ishbia remarked during a September 24 appearance on ESPN’s NBA Today, “How many lawsuits have we actually lost? The answer is zero. How many will we lose? Zero.” He asserted his commitment to fighting these claims, refusing to be leveraged by anyone seeking financial gain through litigation.
As the situation develops, fans and stakeholders are keenly watching how this legal battle will unfold. The implications of these lawsuits could not only affect the ownership dynamics but also impact the team’s performance and community relations.
Stay tuned as we continue to follow this unfolding story, which highlights the complexities of ownership in professional sports and the potential ramifications for the Phoenix Suns.
