Heated litigation between Phoenix Suns majority owner Mat Ishbia and two minority partners is on pause as both sides resume talks for Ishbia to buy out their stakes.
The dispute dates back to August 2025, when minority investors Kisco WC Sports II and Kent Circle Investments filed a “books and records†suit against Ishbia and the team’s holding company, citing alleged mismanagement, conflicts of interest, and lack of transparency. Ishbia countersued in October, after the minority partners obtained the documents they sought.
The conflict escalated in November when the minority owners accused Ishbia of using the Suns as his “personal piggy bank,†while the team described the allegations as a “shameless shakedown.â€
Now, the parties have agreed to enter confidential binding mediation. If a deal is reached, Ishbia would control over 96% of the franchise. The mediation process is independent of the NBA, sources say.
Ishbia acquired a reported 57% stake in the Suns and WNBA’s Mercury in 2023, valuing the franchise at $4 billion. Since then, only Kisco and Kent Circle remain as minority stakeholders. Despite early struggles, Phoenix has exceeded expectations this season, sitting 39-28 and in contention for the play-in tournament.
Forbes currently estimates the Suns’ value at over $5.4 billion.