Overview

• Two holdout investors, Kisco WC Sports II and Kent Circle Investments, filed a books‑and‑records suit on Aug. 21, with a redacted complaint released Aug. 27 in Delaware Chancery Court.
• The complaint says management refused inspection of financials and used a June 2 capital call with no advance notice and a low per‑unit valuation to pressure and dilute minority holders.
• The filing alleges possible undisclosed side deals with other investors and seeks details on how the Phoenix Mercury’s $100 million practice facility was funded.
• In an Aug. 26 letter, Suns and ISH Suns counsel said the partners demanded $825 million for their stakes, asserted the company has no obligation to buy them out, noted they may find other buyers, and said the franchise’s value is approaching $7 billion.
• Mat Ishbia acquired control at a $4 billion valuation in 2023 when 14 of 16 limited partners sold; the case is pending formal responses and potential court orders on document production.