Mat Ishbia became the majority owner of the Phoenix Suns in 2023, purchasing the team from Robert Sarver as the former owner faced allegations of racism and misogyny within the organization, brought to light by an inquiry from ESPN’s Baxter Holmes.
The Suns reached the NBA Finals in 2021 before Ishbia took over. He then attempted to elevate the franchise to championship contention with significant trades for Kevin Durant and Bradley Beal, neither of whom currently remain on Phoenix’s roster.In August, ESPN reported that a pair of Suns minority owners sued Ishbia, alleging he refused them access to internal documents.
Now, those minority owners claim Ishbia is using the franchise as “his personal piggy bank,” according to a new lawsuit obtained by ESPN. Scott Seldin and Andy Kohlberg, the minority owners, remain from the previous ownership group under Sarver.
“Ishbia does not own the Suns to make money for the company but operates it as a personal fiefdom for his own personal gain and for the benefit of his other businesses,including his mortgage company United Wholesale Mortgage,” the latest filing stated,via ESPN. “The reality is that Ishbia is using the Suns as his personal piggy bank, including through a lengthy list of conflicted transactions-onyl some of which the minority owners are aware of.”
The latest filing alleges Ishbia extended a loan to the Suns at a considerably above-market interest rate, sold the naming rights to the Suns’ arena to his mortgage company without disclosing details to the minority partners, and leased the Phoenix Mercury’s practice facility from himself.