BREAKING: Phoenix Suns majority owner Mat Ishbia has launched a countersuit against minority owners Scott Seldin and Andy Kohlberg, claiming they are demanding an “exorbitant premium” for their ownership shares. This urgent legal move was filed on September 26, 2023, in Delaware State Court and is set to escalate tensions within the franchise.
Ishbia’s lawsuit comes in response to a previous suit by Seldin and Kohlberg, who accused him of withholding access to internal records. They had initially filed their lawsuit in August, demanding that the Suns buy out their shares for a staggering $825 million. This valuation would elevate the team’s worth to approximately $6 billion, marking a 60% increase from the price Ishbia paid for his controlling stake in 2023.
The Suns, through Ishbia’s spokesperson, firmly stated they are under no obligation to meet the minority owners’ demands. “When Mat Ishbia bought the Suns and Mercury, he was clear with investors: invest in the teams, or sell at a premium,” the spokesperson emphasized. “Kohlberg and Seldin want both — to avoid investing while expecting a significant payout. This isn’t how it works, and we are confident we will prevail in court.”
In a recent appearance on ESPN’s NBA Today, Ishbia addressed the ongoing legal turmoil. “Anyone can file a lawsuit for any reason,” he said. “How many lawsuits have we actually lost? The answer is zero. We don’t settle with anyone. If we do something wrong, we take care of people, but I’m not going to be leveraged by people.”
Seldin and Kohlberg’s lawsuit is the latest in a series of legal challenges facing the Suns, marking the sixth case filed since November 2024. Previous lawsuits have involved allegations of discrimination, retaliation, harassment, and wrongful termination from current and former employees.
The escalating legal battles have placed the Suns in a challenging position as they strive to build a competitive team. With the NBA season approaching, the implications of these disputes could impact the franchise’s performance and relationships within the league.
As the situation develops, all eyes will be on the court’s decisions and the potential ramifications for the Suns’ management and operations. Fans and stakeholders are left wondering how these issues will influence the team’s future dynamics and their overall success on the court.
Stay tuned for more updates as this story unfolds.