𝓤𝓷𝓲𝓽𝓮𝓭 𝓝𝓮𝔀𝓼

Phoenix Suns and Mercury owner Mat Ishbia has countersued two franchise minority owners who sued him this past summer, claiming they are attempting to force him to buy out their ownership stakes at an “extortionate” cost.

Ishbia’s lawsuit, filed in Delaware state court, alleges that minority owners Andy Kohlberg and Scott Seldin did not want to invest more money in the franchise during a capital call and fundraising round earlier this year, and that their August lawsuit was part of a negative public relations campaign against Ishbia. The lawsuit filed by Ishbia referred to the minority owners’ allegations that Ishbia refused to provide them with internal documents and attempted to diminish their leverage as minority owners as “meritless.”

“Defendants seek to use the overhang of this contrived legal drama to force a buyout on terms far beyond what the market will bear,” Ishbia’s complaint read.

Seldin and Kohlberg accused Ishbia of being unwilling to provide financial documents they requested and of a lack of transparency.

The dispute stems from a June 2, 2025 call where Ishbia asked the team’s investors, including Kohlberg and Seldin, to put more money into the franchise. Ishbia bought the team in 2023 at a $4 billion valuation and offered to buy out all incumbent minority owners. He claims that Kohlberg and Seldin were the only two who declined to sell.

After he bought the team, Ishbia spent heavily on the Mercury and Suns, according to the filing, and wanted to raise money to “cover payroll, luxury tax payments and other near-term obligations.” Team investors were told in 2024 that there would be a capital call in 2025 where minority owners could invest more money in the company. If they declined, those units could be purchased by existing investors.

Ishbia’s lawsuit, which was first filed under seal and then unveiled but in a redacted form, alleges Kohlberg and Seldin tried to get him to buy out their shares at a premium cost. The Athletic previously reported Ishbia’s claim that the minority owners wanted Ishbia to purchase their ownership stakes in the team for $825 million, which would value the Suns at $6 billion.

In his lawsuit, Ishbia asks the court to rule that the Suns and Ishbia were contractually allowed to raise additional money via the capital call and a subsequent funding round as part of an investor operating agreement.

Earlier this fall, at Suns media day, Ishbia said he would not settle the lawsuits filed against him and the franchise. The Suns are facing seven lawsuits, including several from former employees alleging discrimination, harassment, wrongful termination and other issues.

“The truth is, you actually got to win a lawsuit,” he said. “And where I’m different than most successful people … is like, we don’t settle. If we don’t do anything wrong, I’m not paying someone. I hope you guys all report on how many lawsuits we actually lose.”