UPDATE: Phoenix Suns majority owner Mat Ishbia has launched a counter-lawsuit against minority owners Scott Seldin and Andy Kohlberg, claiming they are demanding an “exorbitant premium” for their ownership shares. The lawsuit was filed Tuesday in Delaware State Court amidst escalating tensions within the franchise.
The counter-suit comes in response to a lawsuit initiated by Seldin and Kohlberg in August, where they alleged Ishbia has denied them access to internal records. The minority owners are seeking to sell their shares for an astonishing $825 million, a valuation that would inflate the Suns’ total worth to about $6 billion. This figure represents a staggering 60% increase since Ishbia acquired controlling interest in the team in 2023.
In a statement regarding the counter-suit, Ishbia’s spokesperson emphasized that all investors had the opportunity to either sell at a premium or continue to invest in the team. “Andy Kohlberg and Scott Seldin want it both ways,” the spokesperson asserted, further noting that Ishbia’s original buyout offer was still over 20 times their initial investment.
The lawsuit marks the sixth legal challenge against the Suns since November 2024, with earlier cases primarily involving allegations related to discrimination, retaliation, and wrongful termination from current or former employees.
During a recent appearance on ESPN’s NBA Today on September 24, Ishbia addressed the ongoing legal issues, asserting, “How many lawsuits have we actually lost? The answer is zero.” He emphasized his refusal to settle lawsuits, stating, “You want to say, give me $30,000 and I won’t file a lawsuit? I say file a lawsuit. We didn’t do anything wrong.”
As the legal battle intensifies, the implications for the Suns franchise remain significant. Fans and stakeholders are closely monitoring developments, with potential impacts on team operations and future investments.
What’s Next: Observers are urged to watch how this legal dispute unfolds, particularly as both sides prepare for court proceedings and the ongoing fallout from the lawsuits, which could shape the future of the Suns organization.
