Minority Owners Accuse Ishbia of Overspending and Misconduct
Claims of Wild Spending and Financial Decline
Kisco and Kent paint a starkly different picture. In counterclaims filed Tuesday, they argue that Ishbia has driven the company off a financial cliff through questionable transactions in which he “was on both sides,” while refusing to provide transparency.
They say Ishbia overspent on coaches and players, incurred major NBA tax penalties, and even built an expensive clubhouse for personal use—footing minority owners with their share of the bill.
Ishbia’s aggressive trades, they argue, mortgaged the Suns’ future, sacrificing valuable draft picks and revenue opportunities. And performance, they say, slipped just as fast: after years of deep playoff runs, the Suns were swept out of the first round the year after Ishbia took control.
The minority owners also claim Ishbia threatened them with punitive dilution if they failed to contribute capital within 10 days of the June raise—an ultimatum they argue was designed to boost the majority owner’s stake.
