After months of litigation, Phoenix Suns and Mercury investors Scott Seldin and Andy Kohlberg are in talks with majority owner Matt Ishbia, a move that could resolve the lawsuit between the two groups.
According to documents filed March 16 with the Delaware Chancery Court, the parties agreed to binding mediation and planned to dismiss the lawsuit once the proceedings are completed.
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Ishbia’s attorney did not respond to a request for comment. Lawyers for Seldin and Kohlberg declined to comment on the filing. The Suns also declined to comment.
Ishbia filed a lawsuit against Seldin and Kohlberg in October, demanding more money from all of the team’s investors. A handful of investors criticized the capital increase, and Ishbia filed a lawsuit asking the court to declare that the capital increase complied with company rules.
At issue is a $250 million capital call issued on June 2, 2025, which required investors to provide additional capital in exchange for new ownership stakes.
In November, a minority investor countersued, claiming Ishbia failed to meet capital calls and failed to properly fund its shares. If the court agrees, his ownership stake could drop significantly and theirs could increase to a majority, they said.
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They also believe the method of raising capital could put pressure on minority investors and affect the value of their shares.
This article originally appeared in The Arizona Republic: Phoenix Suns and Mercury ownership dispute has entered binding mediation