Phoenix Suns Sued by Minority Owner to Get Company Records (1)

The company that owns the Phoenix Suns NBA team is being sued by minority investors to obtain records that could substantiate potential mismanagement that might have harmed them financially.

Kisco WC Sports II LLC and Kent Circle Investments LLC filed a lawsuit on Wednesday in Delaware Chancery Court claiming Suns Legacy Holdings LLC issued a June capital call that appeared to be part of a strategy to disadvantage and dilute minority owners. Attorneys for the minority owners argued they need information to investigate the company’s financial condition, “disparate treatment of investor members,” conflicts of interest and mismanagement.

Mat Ishbia is ...