Minority Owners Sue Suns, Mat Ishbia for Financial Records Access

Two minority owners of the Phoenix Suns, Kisco WC Sports II LLC and Kent Circle Investments LLC, have filed a lawsuit against the team and its controlling owner Mat Ishbia seeking access to financial records to investigate potential mismanagement and conflicts of interest. The plaintiffs allege that Ishbia and Suns Capital Group are withholding information critical to ownership transparency, including details about spending, capital raises, and undisclosed side deals, such as those concerning the team's practice facility. The lawsuit claims that after Kisco attempted to negotiate a buyout, Ishbia responded with a capital call that the minority owners say was designed to disadvantage and dilute their shares. The minority owners are also contesting the valuation used during the capital call, arguing it is significantly below the franchise's true worth. Ishbia, who acquired a majority stake in the Suns and Mercury in a $4 billion deal in 2022, has not commented on the allegations. The legal action reflects deepening tensions over governance and financial management within the Suns' ownership group.