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A lawsuit involving Phoenix Suns owner Mat Ishbia and minority owners Scott Seldin and Andy Kohlberg is set for confidential binding mediation. This mediation could see Ishbia buying out the minority owners' 13% stake, with a price determined by the mediator, as per a recent court filing. If the judge approves the proposal, the lawsuit will be dismissed. Previously, the case threatened Ishbia's majority stake, risking control shifting to Seldin and Kohlberg. Ishbia aims to raise his ownership to approximately 96%. The minority owners, represented by Michael Carlinsky, filed the lawsuit seeking financial records and a buyout of their shares for $825 million, valuing the team at over $6 billion. Ishbia acquired the Suns in 2023 for $4 billion after Robert Sarver's sale amid an investigation into his conduct. Negotiations for a buyout had been ongoing prior to litigation.
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