"The complaint, which was brought by Suns Legacy Holdings LLC the parent company that owns the Suns and the WNBA's Phoenix Mercury and Suns Capital Group LLC, the team's management entity controlled by Ishbia, accuses Seldin and Kohlberg of trying to force an exorbitant buyout after refusing to contribute additional funds to the franchise. According to the filing, Ishbia paid a record price for his majority stake, valuing the two franchises at roughly $4 billion."
"He later offered all limited partners the option to sell their shares at the same high valuation, which was nearly 20 times their original investments. The deal valued the franchises at $4 billion and marked their first ownership change in nearly two decades. It was announced in December 2022 and approved by the NBA two months later. Kisco and Kent were the only two minority owners who retained their stakes."
"The dispute centers on a June 2025 capital call, which asked investors to put in more money for team expenses. Kisco and Kent refused, accusing Ishbia of pressuring them into selling their shares and demanding a buyout at an exorbitant premium. After the Suns rejected these demands, the minority owners sued to access records and launched what the team's filing calls a negative publicity campaign."
Suns Legacy Holdings LLC and Suns Capital Group LLC filed a complaint accusing minority owners Seldin and Kohlberg of seeking an exorbitant buyout after refusing a June 2025 capital call. Ishbia purchased a majority stake at a record valuation of roughly $4 billion and offered limited partners the option to sell at the same high valuation, nearly 20 times their original investments. Kisco and Kent retained their stakes and refused the capital call, alleging pressure to sell and demanding an inflated buyout. The Suns seek a court ruling that the capital call was proper and accuse the minority owners of a negative publicity campaign and litigation to access records.
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