Two Phoenix Suns minority owners sue Mat Ishbia, accusing him of mismanaging the team and using it for personal profit.

Two minority owners of the Phoenix Suns have sued majority owner Mat Ishbia, alleging he mismanaged the team and used it for personal gain, claiming he treated it as a “personal piggy bank.” The lawsuit accuses Ishbia of undisclosed loans, selling arena naming rights to his mortgage company, and leasing team facilities to himself, while also creating a new entity to hold team assets. The plaintiffs, Scott Seldin and Andy Kohlberg, say they were not fully informed about financial decisions, and the team has operated at a net loss since Ishbia’s 2023 takeover. Ishbia denies the allegations, calling the suit a “shameless shakedown” and has filed a countersuit. The legal dispute highlights internal tensions within the ownership group, though no resolution has been reached.