"ESPN previously reported that the Suns sent a letter in August to Kohlberg and Seldin, in which the team said that the two men demanded that the Suns buy their ownership share for $825 million, a figure that would place the team's value at about $6 billion -- a 60% increase from the value when Ishbia bought his controlling interest in 2023."
"Every investor had the choice at that point -- sell at premium or stay in and invest alongside him. Andy Kohlberg and Scott Seldin want it both ways. They don't want to invest in the teams, but they are demanding a payday significantly higher than what Mat originally offered, which was still over 20x their original investment. That's not how it works, and we're confident we'll prevail in court."
Mat Ishbia filed a countersuit in Delaware State Court against minority Suns owners Scott Seldin and Andy Kohlberg, alleging they insisted he buy out their shares "at an exorbitant premium." Seldin and Kohlberg had sued in August alleging denied access to internal records. A letter to the two men said they demanded $825 million for their shares, implying a Suns valuation near $6 billion, about 60% higher than when Ishbia acquired control in 2023. Ishbia's spokesman said investors were offered a choice to sell at a premium or remain and invest, and asserted the two men are seeking an outsized payout.
Read at ESPN.com
Unable to calculate read time
Collection
[
|
...
]