Affiliates of billionaire Mat Ishbia that run the NBA’s Phoenix Suns responded to a co-owner’s exit interest by orchestrating an immediate capital call while sitting on key financial information, according to a lawsuit unsealed Wednesday.
Two investment firms with “growing concerns” about the Suns and the WNBA’s Phoenix Mercury are suing their parent company for any data used to value two investment rounds this summer. One of the firms is an affiliate of Andrew Kohlberg, a former professional tennis player who owns the Spanish soccer club RCD Mallorca.
After Kohlberg’s investment vehicle sought to negotiate a buyout of its ...