Two Phoenix Suns minority owners, Scott Seldin and Andy Kohlberg, have filed a new lawsuit against governor Mat Ishbia, accusing him of mismanaging the franchise and using it as his “personal piggy bank.” The complaint, filed in Delaware State Court, alleges a pattern of misconduct and self-dealing.
The owners claim Ishbia extended above-market loans, sold arena naming rights to his own company (United Wholesale Mortgage), and leased the Mercury’s practice facility to himself at undisclosed rates. They also say the team has operated at a net loss since 2023, when Ishbia purchased his 57% stake for $2.28 billion.
Ishbia dismissed the claims as a “shameless shakedown,” insisting he’s invested heavily to strengthen the Suns and Mercury. The team, meanwhile, fell to 11-7 after Monday’s loss to Houston.
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