"Seldin and Kohlberg sued the team in August, alleging that Ishbia refused access to internal records and that he held a capital call on June 2, 2025, "to exert pressure on and dilute" the ownership shares held by the Suns' minority owners. Ishbia countersued the two men last month and called their lawsuit a "shakedown" in a statement through a spokesperson."
""Ishbia does not own the Suns to make money for the company but he does operate it as a personal fiefdom for his own personal gain and for the benefit of his other businesses, including his mortgage company United Wholesale Mortgage," the latest filing states. "The reality is that Ishbia is using the Suns as his personal piggy bank, including through a lengthy list of conflicted transactions -- only some of which the minority owners are aware of.""
Two Phoenix Suns minority owners, Scott Seldin and Andy Kohlberg, filed a lawsuit in Delaware State Court alleging Mat Ishbia used the franchise for personal gain and mismanaged finances. Ishbia purchased the team in 2023 from Robert Sarver. The plaintiffs allege Ishbia refused access to internal records and held a June 2, 2025 capital call "to exert pressure on and dilute" minority ownership. Ishbia countersued and characterized their claims as a "shakedown." The filing alleges Ishbia operates the Suns as a personal fiefdom benefiting his other businesses, including United Wholesale Mortgage, and engaged in conflicted transactions such as an above-market loan and undisclosed arena naming-rights dealings.
Read at ESPN.com
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