"The agreed-upon stipulation by both parties was filed Monday in Delaware State Court, and it will ultimately lead to the lawsuit being jointly dismissed. Previously, the lawsuit, which was filed by attorneys representing Scott Seldin and Andy Kohlberg in November 2025, escalated to the point that an attorney representing them said Ishbia's majority stake in the franchise could be threatened, with control potentially shifting to Seldin and Kohlberg."
"Now, Ishbia is in position to buy them out, which would remove the final two members of the ownership group who were holdovers from the previous Suns regime under Robert Sarver. After buying their shares, Ishbia stands to increase his majority ownership stake to about 96%."
"At the time of Sarver's 2023 sale to Ishbia, 14 of the 16 partners in the Suns' ownership group accepted Ishbia's buyout offer at a $4 billion valuation. Seldin and Kohlberg didn't sell."
Mat Ishbia, majority owner of the Phoenix Suns, and minority owners Scott Seldin and Andy Kohlberg have agreed to confidential binding mediation to resolve their ongoing lawsuit filed in November 2025. A mediator will determine the price for Ishbia's potential buyout of their 13% stake. This agreement, filed in Delaware State Court, will lead to joint dismissal of the lawsuit. Seldin and Kohlberg are the last remaining ownership holdovers from the previous regime under Robert Sarver. If the buyout proceeds, Ishbia's ownership stake would increase to approximately 96%. Ishbia purchased the Suns in 2023 from Sarver, with 14 of 16 partners accepting his buyout offer at a $4 billion valuation, while Seldin and Kohlberg declined.
Read at ESPN.com
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