Michigan's Matt Ishbia, Majority Owner of Phoenix Sun, Being Sued By Minority Investors Alleging Possible Mismanagement

Mat Ishbia

Two minority owners of the NBA’s Phoenix Suns are suing the team’s holding company and majority owner Mat Ishbia, who is also the CEO and chairman of Pontiac-based mortgage lender United Wholesale Mortgage.

The suit alleges mismanagement, conflicts of interest, and a lack of required transparency from Ishbia that could harm the minority owners financially, according to Front Office Sports.

The team contends that the suit is merely part of a pressure campaign to push Ishbia into buying out his minority partners at a premium, the outlet reports.

The suit also demands access to team records. Ishbia purchased a majority stake in the Suns in 2022 for $4 billion.