A new lawsuit filed in Delaware has pushed the Phoenix Suns’ ownership battle back into the spotlight, with minority partners Scott Seldin and Andy Kohlberg alleging that governor Mat Ishbia has turned the franchise into “his personal piggy bank” and driven a once-profitable team into financial losses.
The filing, obtained by ESPN, marks the latest escalation in what has become a messy tug-of-war between Ishbia, who purchased a controlling stake in 2023, and the two holdover partners from the Robert Sarver era. Their complaint accuses Ishbia of a pattern of undisclosed, conflicted business dealings tied to his mortgage company and related entities.
The lawsuit claims, “Ishbia does not own the Suns to make money for the company but he does operate it as a personal fiefdom for his own personal gain and for the benefit of his other businesses, including his mortgage company United Wholesale Mortgage. The reality is that Ishbia is using the Suns as his personal piggy bank, including through a lengthy list of conflicted transactions — only some of which the minority owners are aware of.”
Seldin and Kohlberg cite several alleged examples: extending a loan to the franchise at above-market interest, selling arena naming rights to United Wholesale Mortgage without disclosing terms, and leasing the Phoenix Mercury practice facility from himself privately.
They also highlight a capital call on June 2nd, 2025, accusing Ishbia of threatening punitive dilution against minority partners, while allegedly failing to meet the same deadline himself.
Their filing states, “Ishbia blundered into the very trap he set for the minority owners and faced a devastating dilution of his ownership interest if his failure was discovered.”
Attorney Michael Carlinsky of Quinn Emanuel Urquhart and Sullivan, representing the minority owners, added, “We believe this scheme backfired and will result in a substantial reduction of Mr. Ishbia’s interest in the Suns. He has repeatedly abused his position as manager of the franchise to benefit himself, not the Suns.”
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