Two Phoenix Suns minority owners, Andy Kohlberg and Scott Seldin, have filed a lawsuit against team owner Mat Ishbia, accusing him of denying access to internal records. The legal action, filed in Delaware, seeks transparency regarding team spending, capital raises, and the funding of the Mercury’s $100M practice facility.
Kohlberg and Seldin, who declined Ishbia’s 2023 buyout offer, allege he used a “capital call” to dilute their shares and may have made undisclosed side deals. The Suns deny any obligation to buy them out and accuse the duo of attempting to force an unjustified $825M buyout through legal threats and media pressure. This is the sixth lawsuit filed against the Suns since November 2024.
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