Overview

• Limited partners Kisco WC Sports II and Kent Circle Investments filed a books‑and‑records action in Delaware Chancery Court, alleging breaches of the LLC agreement, mismanagement and conflicts of interest tied to Suns Legacy Holdings and controlling owner Mat Ishbia.
• The redacted complaint, filed Aug. 21 and released publicly Aug. 27, seeks immediate production of financial documents and fees, with the case at an early stage and no formal court answer yet from the defendants.
• The plaintiffs say a June 2 capital call arrived without advance notice, used a per‑unit price they call strikingly low and was designed to pressure or dilute minority holders after Kisco sought a buyout response by June 1.
• The filing alleges undisclosed side deals with other investors and raises questions about funding for the Phoenix Mercury’s roughly $100 million practice facility, asserting minority owners received virtually no information.
• In an Aug. 26 letter, Suns counsel said the plaintiffs demanded an $825 million buyout of their stakes and asserted the company has no obligation to repurchase, noting 14 of 16 partners sold at a $4 billion valuation when Ishbia took control in 2023.