Mat Ishbia is still at war with the minority owners of the Suns
It’s a war among investors in Phoenix. In a new lawsuit filed in Delaware, Suns minority owners Andy Kohlberg and Scott Seldin allege Matt Ishbia to use the franchise as his own “personal piggy bank” and concealing information about its costs, according to The Athletic and ESPN.
In the proceeding, which responds to a counterclaim filed by Matt Ishbia in October, the tone is quite brutal: The head of United Wholesale Mortgage is described as a franchise executive “as a personal fiefdom, for his personal benefit and the benefit of his other affairs”.
Among the complaints listed: a loan given to the Suns at a rate well above market rate, “naming” the room to his own mortgage company without transparency or even renting a training center Merkur.. to himself without disclosing the details of the agreement. Prosecutors also claim that a mysterious structure called the “Player Group 15” would encroach on assets that should be returned to the franchise.
In the Ishbija camp, however, we are talking about a “Shameless blackmail disguised as legal action”. His spokesperson recalls that upon the arrival of 2023, the businessman warned that he would massively invest in the Sun and Mercury, offering every shareholder a choice “follow or leave”.
If they’re not happy, insist Matt Ishby, Andy Kohlberg and Scott Seldin “I just have to sell” and should instead say thank you because the value of the franchise has gone from $4 billion to $6 billion since his arrival.
2025-11-25 16:57:00
