Two Phoenix Suns minority owners have filed a lawsuit against controlling owner Mat Ishbia, claiming they have been denied access to key information about the franchise.
NBC Sports reported that Kisco WC Sports and Kent Circle Investments initiated legal action in Delaware, citing frustrations with how Ishbia has managed ownership transparency since taking over in February 2023.
Court documents allege the two groups were not given opportunities to review financial details or major decisions, including the team’s investment in a new practice facility.
When Ishbia purchased a controlling stake in the Suns for a $4 billion valuation, he offered to buy out the team’s 16 minority stakeholders. Fourteen accepted the buyout, but Kisco and Kent Circle chose to keep their shares.
The lawsuit claims they now lack an accurate understanding of what those shares are worth, arguing that Ishbia’s group has limited their ability to monitor how the franchise is being run.
The minority owners are asking the court to authorize an investigation into possible violations of the Suns’ limited liability company agreement. They also cited potential conflicts of interest connected to Ishbia’s management practices.
The legal battle comes after one of the most turbulent stretches in Suns history. The 2024–25 season ended with Phoenix missing the playoffs for the first time since 2020, leading to the firing of head coach Mike Budenholzer after just one year.
This offseason, the franchise parted ways with Bradley Beal and finalized a seven-team trade that sent Kevin Durant to the Houston Rockets, officially closing the chapter on its short-lived “Big Three” era with Devin Booker, Durant, and Beal.
In addition, the Suns appointed Brian Gregory as general manager and Jordan Ott as head coach, moves that reflect Ishbia’s effort to overhaul leadership following the team’s underperformance.
