In November 2025, only two years after Mat Ishbia purchased the Suns, his control of the franchise was threatened. Minority owners Scott Seldin and Andy Kohlberg accused Ishbia of financial misconduct, including using the team as a “personal piggy bank.” If proven right, Kohlberg and Seldin could have taken over a large chunk of Ishbia’s controlling stake. But the latest twist puts power into the hands of the Suns’ owner.

“The lawsuit between Phoenix Suns owner Mat Ishbia and two Suns’ minority owners is expected to head to a confidential binding mediation, which could lead to Ishbia buying out the minority owners’ 13% stake at a price determined by a mediator,” ESPN reported based on a recent court filing.

The proposal was filed in the Delaware State Court. The case will be jointly dismissed if the judge approves the latest proposal.

When Mat Ishbia purchased the Suns at a $4 billion valuation, he offered to buy out shares of the minority partners. Most accepted, except Seldin and Kohlberg. To date, they remain the only two minority owners from Robert Sarver’s time as the controlling owner. The former Suns owner was forced to sell the franchise after findings of internal misconduct.

The latest developments haven’t been finalized yet. But if ruled in Mat Ishbia’s favor, he could own 96% of the Phoenix Suns after buying out the two partners who sued him. Ishbia’s tenure as the Suns’ owner has been rocky. The team pivoted from maintaining a second apron payroll to building a younger team that has shown some promise to compete.

It’s a huge win for Ishbia personally. The Suns’ majority owner was being sued for financial misconduct. According to Ishbia’s countersuit, Seldin and Kohlberg wanted him to buy their shares at an extortionate premium, which would raise the Suns’ valuation to $6 billion. Now, the situation will be settled through mediation.

Mat Ishbia raises his voice against another NBA issue

Mat Ishbia is one of the rare owners who chooses to be vocal, like Mark Cuban. The latest of the Suns’ owners’ rants came against the league-wide tanking problem. The Suns, after discarding their stars over the summer, had every option to do so. However, Ishbia, in a concerning tweet, argued that the practice of tanking spoils the game’s integrity.

“Purposely losing is something nobody should want to be associated with,” Ishbia wrote. “Embarrassing for the league and for the organizations. And the talk about this as a ‘strategy’ is ridiculous. If you are a bad team, you get a good pick. That makes sense. But purposely shutting down players and purposely losing games is a disgrace and impacts the integrity of [the] whole league.”

There may not have been a large proportion of fans who felt the Phoenix Suns could be competitive. However, results came because the Suns didn’t accept a losing culture. They are now a team over .500, with a possible route to making the postseason as a top-six seed. Moreover, tanking isn’t going unnoticed either.

Mat Ishbia trusted Adam Silver to address the issue, and the commissioner didn’t disappoint. The league is planning to implement strict anti-tanking rules from next season onwards. These include determining the draft lottery before the season ends and not allowing teams to have consecutive top four picks, among others.