Scott Selden, a minority owner of the Suns, is the proprietor of Kent Circle Investments and Disco WC Sports, the latter of which is owned by Andrew Kohl berg. The pair of minority owners in their lawsuit against the Phoenix Suns, which was filed in the state of Delaware. These 2 men who were minority owners from the previous regime is Robert Sarver stated that the defendant, Mat Ischia, has kept team financial records from them that they have the right to access.
Mat Saba acquired the team in 2023 after former Suns owner Robert Sarver encountered allegations that compelled him to sell, which involved 14-16 of the minority owners under Sarver, excluding Scot Seldin and Andrew Kohlberg. Their lawyer, in a statement, said that they are entitled to see these financial record documents and that the failure to issue minority owners they would have a say in what happens to the organization. Refusing to share these documents is not optional; their lawyer also stated that they want to get access to funding for the team’s brand-new 100-million-dollar training arena.
In the lawsuit, Kent Circle Investments and Kisco WC Sports asserted that there were representatives negotiating to purchase their shares from the team. However, Mat Isabia completely abandoned them and told them to keep throwing money at the team. Mike Vorknau, the attorney representing Scott Seldin and Andrew Kohlberg, stated that Mat Ishbia has infringed upon the minority owners’ rights to access essential information about the organization, which they assert they are fully entitled to receive.. The defendant is declining to provide team purchase records from the last two years and internal documents.
Ishbia replied to this assertion by stating that they had the opportunity to join the organization but opted not to engage. They can’t have it both ways. According to Matt Iasbua, the asking price for their stake in the team is excessively inflated and amounts to extortion. He also expressed his plan to initiate a countersuit against the minority owners because of their failure to adhere to team-owner regulations and their efforts to pressure the team into selling their shares at an excessively inflated price. This is akin to a ransom.
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https://www.espn.com/nba/story/_/id/46091616/suns-ishbia-sued-minority-owners-seeking-records-access
https://arizonasports.com/nba/phoenix-suns/mat-ishbia-lawsuits/3597067/
