Ownership Battle Erupts Over Phoenix Suns, Mercury

Longtime investors challenge Mat Ishbia's control of NBA, WNBA franchises

Mar. 13, 2026 at 12:03pm

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A legal battle is unfolding in a Delaware courtroom over the ownership of the Phoenix Suns and Phoenix Mercury, the NBA and WNBA franchises currently controlled by majority owner Mat Ishbia. Longtime investors are challenging Ishbia's control of the teams.

Why it matters

The outcome of this case could have significant implications for the future leadership and direction of the Suns and Mercury, two prominent professional sports franchises in Phoenix. The legal dispute highlights the complex power dynamics and financial interests involved in major league sports team ownership.

The details

Ishbia, a Michigan-based businessman, acquired a controlling stake in the Suns and Mercury in 2023 for a record $4 billion. However, some longtime minority investors are now seeking to regain control, arguing that Ishbia's acquisition was improper and that they should have had more say in the sale process.

  • The legal battle began in a Delaware court in March 2026.

The players

Mat Ishbia

The current majority owner of the Phoenix Suns and Phoenix Mercury, having acquired a controlling stake in 2023 for a record $4 billion.

Longtime Minority Investors

A group of investors who have held minority stakes in the Suns and Mercury for years, and are now challenging Ishbia's control of the franchises.

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What they’re saying

“This is about protecting the integrity of the franchise and ensuring the rightful owners have a voice.”

— Unnamed Minority Investor

What’s next

The court case is ongoing, and a decision on the ownership dispute is expected in the coming months.

The takeaway

This legal battle highlights the complex power dynamics and financial interests involved in major professional sports team ownership, as well as the potential for conflict between majority and minority stakeholders.