In a development that has rattled the NBA’s insider circles, two minority owners of the Phoenix Suns—Kisco WC Sports II, LLC and Kent Circle Investments, LLC—have launched a lawsuit against majority owner Mat Ishbia and Suns Capital Group. Filed last week in a Delaware court, the suit alleges egregious mismanagement and an opaque withholding of critical information from minority stakeholders
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The plaintiffs, represented by attorneys Michael Carlinsky and Michael Barlow of Quinn Emanuel, assert that they have been systematically denied access to internal documents that are vital to assessing the team’s financial health. Their complaint raises alarms over unexplained spending, capital raise miscommunications, and potentially concealed side agreements—particularly concerning the financing of the Mercury’s new $100 million practice facility
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Among the key figures named in the suit are Andy Kohlberg of Kisco and Scott Seldin of Kent Circle Investments—both of whom notably declined buyout offers during Ishbia’s 2023 acquisition of the Suns and Mercury. Now, they are demanding transparency—or else seeking a hefty $825 million buyout valuation, positing the franchise’s worth at approximately $6 billion, a staggering 60% increase from the 2022 valuation
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Ishbia’s legal team responded with a strongly worded letter, rejecting claims of wrongdoing. They accused Kohlberg and Seldin of using litigation and sensational media coverage as leverage in buyout talks. The letter also reaffirmed Ishbia’s commitment to ongoing investments in both franchises, stressing that transparency and team success remain top priorities
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This suit marks the sixth legal action involving the Suns or Mercury, following previous lawsuits by current and former employees alleging claims ranging from discrimination to retaliation
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. As this legal showdown unfolds, questions loom large over internal governance, ownership integrity, and the future direction of one of the NBA’s marquee franchises.
