Suns Minority Owners Accuse Ishbia Of Using Team As ‘Personal Piggy Bank’

In a legal filing in Delaware State Court, Suns minority owners Andy Kohlberg and Scott Seldin allege that majority owner Mat Ishbia is using the team as his “personal piggy bank” and is hiding details about his spending, according to reports from Doug Haller and Mike Vorkunov of The Athletic and Baxter Holmes of ESPN.

It’s the latest development in a legal battle between the various Suns shareholders. Kohlberg and Seldin sued the Suns and Ishbia in August, with Ishbia filing a countersuit against the pair of minority owners in October. This legal filing is a response to Ishbia’s countersuit.

“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 latest filing states. “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.”

As The Athletic and ESPN relay, the allegations Kohlberg and Seldin make against Ishbia in the filing include:

• Extending a loan to the Suns at an interest rate that was far above the going market rate.
• Selling naming rights to the Suns’ arena to his own mortgage company without disclosing the details.
• Leasing the Phoenix Mercury’s practice facility from himself without disclosing the details.
• Establishing an entity called the “Player 15 Group” that allegedly holds assets which should rightfully belong to the Suns.
• Turning the Suns and Mercury into money-losing teams while profiting through United Wholesale Mortgage.

Kohlberg and Seldin also specifically cite a pair of capital calls that took place in June and July of 2025, contending that Ishbia set up those capital calls in the hopes of diluting their shares in the team, which could have happened if they didn’t pay within a 10-day window. The two minority owners contributed the necessary capital in each case, but they say Ishbia didn’t pay his own shares by the deadline and attempted to hide it by using a debt-to-equity conversion to make up the difference.

According to Kohlberg and Seldin, they should have been given the opportunity to buy the shares Ishbia didn’t fund himself, which would have allowed them to take control of a larger stake in the franchise.

“In other words,” the 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 — a failure that would wipe off his net worth and put his continued status as an NBA team owner and governor in jeopardy.”

Ishbia, who has bought out the rest of the Suns’ minority owners since assuming majority control of the team in 2023, denied the allegations through a spokesperson.

“This isn’t a lawsuit; it’s a shameless shakedown dressed up as legal process,” Ishbia’s spokesperson said in a statement. “From day one, Mat Ishbia was transparent that he was going to do things differently. Contrary to how the team was previously managed, Mat made it very clear he would invest significantly into the Suns and Mercury. He told all the investors that they could step up with him or sell their stake and step aside. Kohlberg and Seldin stayed in and now they’re trying to freeload off the value Mat created.

“Kohlberg and Seldin want to drag the organization backward, and they openly admit in this filing that investing in the team and its fans ‘makes no business sense.’ They are advocating neglect. They are free to sell their shares in the open market and if they don’t, they should be prepared to lose this lawsuit and participate in Mat’s continued investments in the teams and community.”

Ishbia and his representatives have previously argued that his investments in the team have helped bump the value of the Suns from $4 billion to $6 billion since he took over as the majority owner. Ishbia said in the latest episode of The Draymond Green Show that Kohlberg and Seldin “can sell if they want” and should appreciate the fact that the franchise valuation is on the rise.

“I told them, ‘Instead of suing me, why don’t you just write me a letter and say thank you? Your investment is worth more,'” Ishbia said (Twitter video link).