Phoenix Suns, owner Mat Ishbia sued by minority owners over access to internal records

The only two remaining holders of the Phoenix Suns ownership group under Robert Sarver continue the team while alleging that the current owner Mat Ishbia refused access to internal files, according to a copy of the trial obtained by ESPN.

The trial, tabled on August 21, was filed by lawyers who represent companies associated with owners of Suns Andy Kohlberg and Scott Seldin minorities. Kohlberg and Seldin are the only owners of the Sarver group’s minorities who did not take their share from the Suns when it was bought by Ishbia in 2023.

“Our customers continued to obtain files to which they are entitled as owners of minorities of the Suns,” Michael Carlinsky and Michael Barlow of Quinn Emanuel said on Wednesday, who represent the minority owners of the Suns. “They are concerned about the manager’s approach to the owners of minorities and want more information on certain expenses and increases in capital in which the director has committed. Transparency with the owners of minorities is not optional, and our customers think that it is essential to the success of SUNS.”

In the complaint, lawyers claim that Kohlberg began to negotiate a takeover with an Ishbia advisor in September 2024. The talks continued in 2025 with a final response from Ishbia before June 1. The lawyers said that Ishbia experienced a capital point the next day (June 2) to “exert pressure on and in Dillute” that the owners held the owners.

Lawyers also declare that Ishbia “may have concluded team agreements not disclosed with other members of the [Suns]Including parallel agreements, relating to the call of capital. “They claim that they have not been able to receive information on the expenses of the SUNS and also noted a problem with the financing of the training installation of $ 100 million in Mercury that the team unveiled in 2024.

Lawyers say Ishbia has refused to provide information on how the establishment has been funded. He said that the team “had respected his functions under the LLC agreement”.

Lawyers representing the Suns and Ishbia sent a letter to the lawyers representing Kohlberg and Seldin who were also obtained by ESPN. In the said letter, the Suns indicate that Kohlberg and Seldin demanded that the Suns buy their share of ownership for $ 825 million, a number that would place the value of the Suns at around $ 6 billion. It would be an increase of 60% compared to the value when Ishbia bought its majority interest in 2023. The SUNS said that they had no obligation to buy them.

“Don’t be mistaken, [Ishbia] does not intend to reduce or slow down its investments in the company and its teams, “said the letter.” On the contrary, [Ishbia] Will continue to do everything you need to position the Suns and Mercury to win championships, ensure a positive team culture, create a lasting impact on the Phoenix community at the Grand Phoenix and improve the experience of fans. … If your customers do not share these same priorities, then they may try to sell in accordance with the terms of the parties’ agreement. “”

This trial marks the sixth against the Suns organization since November 2024. The previous five, which were made by current or old employees, include allegations of discrimination, reprisals, harassment and unjustified dismissal.