Overview
- Phoenix Suns majority owner Mat Ishbia filed a countersuit Tuesday in Delaware against limited partners Scott Seldin and Andy Kohlberg.
- Seldin and Kohlberg sued in August for access to internal records and, according to team correspondence, sought a $825 million buyout that implies a roughly $6 billion valuation.
- Ishbia’s complaint alleges the investors refused to participate in a June capital call to cover payroll, luxury tax, and near‑term obligations and are using a pressure campaign to force an above‑market payout.
- The countersuit seeks a declaratory judgment that the capital call complied with governing agreements, while reiterating Ishbia’s earlier offer that minority holders either sell or continue investing alongside him.
- An attorney for Seldin and Kohlberg called the filing a delay tactic against their books‑and‑records case and said they plan to add counterclaims alleging mismanagement, while their suit also raises concerns about possible undisclosed side deals tied to the capital call.