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Morning Edition

November 25, 2025

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Two Suns minority owners filed a lawsuit claiming majority owner Mat Ishbia committed fraud by using the team as his “personal piggy bank.” They also allege he failed to fund a recent capital call on time. The Suns say it’s a “shameless shakedown dressed up as legal process.”

— Ben Horney [[link removed]], Eric Fisher [[link removed]], and David Rumsey [[link removed]]

Suns Minority Owners Accuse Mat Ishbia of Fraud, Self-Dealing [[link removed]]

Mark J. Rebilas-Imagn Images

Two Suns minority owners claim majority owner Mat Ishbia has committed fraud by using the team as his “personal piggy bank,” and allege he failed to fund a recent capital call on time. The Suns say it’s a “shameless shakedown dressed up as legal process.”

Monday’s explosive filing [[link removed]] is the latest escalation in a legal feud that began this summer when Kisco WC Sports II and Kent Circle Investments filed a “books and records suit” [[link removed]] against Suns Legacy Holdings LLC—which owns the Suns and Mercury—in the Delaware Court of Chancery. Kisco is led by Andrew Kohlberg, a former professional tennis player who now runs a senior living business and has been a limited partner in the Suns since 2004, while Kent Circle is led by Scott Seldin, who has an Arizona-based real estate business.

That August suit alleged mismanagement, conflicts of interest, and a lack of required transparency from Ishbia. Ishbia countersued last month [[link removed]]. The minority owners dropped their suit a few days later, although their attorney said the reason was that they “succeeded” in obtaining certain information.

Now, in an answer to Ishbia’s suit, the minority owners claim Ishbia has engaged in fraud, and that he failed to meet the deadline to fund a June 2 capital call requesting additional money from investors, which is at the heart of the original lawsuit. In addition to fraud, the minority owners claim breaches of contract and fiduciary duty.

The Suns are adamant that the minority owners are upset because they tried, unsuccessfully, to get Ishbia to buy them out at a premium.

“This isn’t a lawsuit; it’s a shameless shakedown dressed up as legal process,” a Suns spokeswoman said in a statement to Front Office Sports.

The minority owners allege Ishbia missed the deadline he set for the June 2 capital call and tried to hide it from other owners. They say he eventually “partially” funded his share on June 9 by converting a prior loan into equity.

According to the filing, Ishbia did not disclose the missed funding because the company operating agreement would have required him to offer minority owners the opportunity to buy units he failed to fund—potentially diluting his own stake.

Michael Carlinsky of Quinn Emanuel Urquhart & Sullivan LLP, attorney for the minority owners, said in a statement that “we believe the evidence will show that Mr. Ishbia contrived a scheme to threaten our clients with massive dilution of their interests in the Suns if they failed to fund a capital call within ten days’ notice, while at the same time hiding his own failure to fund by the deadline.”

“We believe this scheme backfired and will result in a substantial reduction of Mr. Ishbia’s interest in the Suns,” Carlinsky added.

A spokesman for Ishbia tells FOS the minority owners’ framing isn’t accurate, saying his contribution was “timely,” and that their “whole argument comes down to a nonsensical rejection of money that he contributed through an appropriate debt to equity conversion.”

“There is a much smaller amount of money that was contributed by Mat’s family that they’re attempting to argue was late, but we intend to show that even that smaller portion of the fund was contributed in accordance with the contract, and documentary evidence will confirm this,” the spokesman says.

The filing also alleges multiple instances of self-dealing, including a loan to the team at above-market interest rates, and the sale of arena naming rights to his own company, United Wholesale Mortgage, without informing minority owners. The arena is now called the Mortgage Matchup Center, under a 10-year, nearly $115 million deal announced last month [[link removed]].

These and other examples are used to illustrate the claim that he has used the team as a “personal piggy bank.”

The Suns spokeswoman disputed that notion, saying he has “put hundreds of millions of his own dollars into the team and community.” The team points to examples like the introduction of a $2 value menu for both NBA and WNBA home games and a new local media-rights agreement [[link removed]] to broadcast games for free for at least the next two seasons.

The team also pushed back on criticism of the naming rights deal, saying it is “one of the largest in the NBA and is no different than what other owners have done.”

The suit says the Suns have struggled both on and off the court under Ishbia’s ownership. The team hasn’t lived up to expectations in recent seasons, particularly after acquiring Kevin Durant and Bradley Beal, both of whom are no longer with the team. This year, however, Phoenix is off to a hot start with an 11–6 record heading into Monday night’s matchup against the Rockets.

“Kohlberg and Seldin want to drag the organization backward, and they openly admit in this filing that investing in the team and its fans ‘makes no business sense,’” the Suns spokeswoman said.

SPONSORED BY USAA

The NFL’s Untold Military Stories

This Veterans Day, we partnered with USAA [[link removed]] to highlight the lesser-known military ties shaping some of the NFL’s most compelling athletes.

Ashton Jeanty’s childhood on a naval base in Italy helped forge the adaptability that now drives his rise with the Raiders. Brett Toth became one of the first active-duty players in league history after navigating West Point service commitments and shifting policy that cleared the way to join the Eagles. And Chargers receiver Quentin Johnston grew up in a household anchored by military structure—instilling the discipline he brings to every snap.

Their journeys show how foundational military values extend far beyond service, influencing leadership, work ethic, and impact across the league.

Watch the full episode here [[link removed]].

In Top Form, Messi Takes Inter Miami to Conference Finals [[link removed]]

Katie Stratman-Imagn Images

After more than two years of historic off-field success, and some fleeting bursts of triumph on the pitch for Inter Miami, the full vision of Lionel Messi playing in Major League Soccer is finally coming into view.

Messi led Inter Miami to a victory Sunday in the Eastern Conference semifinal, scoring one goal and assisting on three others in a 4–0 rout of FC Cincinnati. Inter Miami will now face NYCFC on Saturday for a berth to MLS Cup.

Healthy and thriving, Messi is bringing Inter Miami to unprecedented heights. The sixth-year club has already advanced much further in the MLS playoffs than it has before, with a 2023 win in the Leagues Cup with Mexico’s Liga MX previously serving as a franchise high point.

The Argentine star is personally on a tear not seen before his June 2023 arrival to the league [[link removed]]. This postseason has included a league-record 12 goal contributions from Messi, with six goals scored adding to six assists. That added to his winning of the 2025 MLS Golden Boot as the league’s top scorer during the regular season, and his 59 goal contributions across the entire year is another MLS record.

Other leagues have similarly benefited from their top stars finally reaching postseason success, such as what has happened globally with Major League Baseball [[link removed]] the last two years, thanks in no small part to the arrival of Shohei Ohtani to the Dodgers.

For MLS, the latest Messi exploits build on a foundation that has included the league posting its three best attendance totals during the past three years—coinciding with Messi’s tenure in Miami—and a bevy of merchandise sales records [[link removed]]. The initial period of Messi in MLS, however, had been marked by unfilled competitive expectations and occasional injury and load-management issues as the superstar has worked through intense physical and schedule demands [[link removed]].

Now, Messi is set to stay in MLS after recently signing a three-year contract extension [[link removed]] running through 2028. That period will see the league shift to a fall-to-spring schedule [[link removed]], the sport’s international standard, while the opening of Inter Miami’s new stadium will be a key component of the early 2026 MLS slate [[link removed]].

“I think he’s the unicorn of unicorns,” MLS commissioner Don Garber said last month as Messi and Inter Miami began the playoff run. “There’s something about the way he’s wired. He’s thinking about the game like nobody else ever has.

“He has reset the trajectory for Major League Soccer, and we were already doing pretty well. I think having three more years is just going to be another gift,” Garber said.

Coaching Carousel Speeds Up, but Buyout Costs Might Slow [[link removed]]

Brian Bishop-Imagn Images

While college football’s coaching carousel is spinning yet again—and likely to pick up pace after the regular season ends Saturday—it’s turning out to not be as expensive as once thought.

Cal’s Justin Wilcox became the 12th FBS head coach to be fired since the season started, after Golden Bears GM Ron Rivera announced the decision Sunday. Wilcox is owed a buyout of roughly $10.9 million.

That takes the amount of buyout money initially owed by schools [[link removed]] to fired coaches at the time of the firings to nearly $196 million. But the actual amount schools will ultimately pay out is lower.

Penn State owed James Franklin more than $49 million [[link removed]] when the school fired him on Oct. 12. But PSU and Franklin negotiated that down to a $9 million [[link removed]] ahead of his swift return to the sidelines, signing a five-year, $41.75 million contract [[link removed]] with Virginia Tech last week.

LSU’s firing of Brian Kelly [[link removed]] puts the school on the hook for $53 million. But LSU has been trying to settle with Kelly [[link removed]] for a lower amount, and Kelly has sued the school [[link removed]]to try to recover the full amount.

Offset language common in many college football contracts [[link removed]] could mean other big-time buyouts, like Oklahoma State’s Mike Gundy ($15 million) and Arkansas’s Sam Pittman ($8.7 million), ultimately cost less for their respective schools.

Meanwhile, several schools with coaches who have massive buyouts and are believed to have been on the hot seat have announced they won’t be making changes after the season.

On Sunday, Florida State announced Mike Norvell will return in 2026, meaning the Seminoles won’t be on the hook for a buyout of more than $50 million. Earlier this month, Wisconsin announced it would retain coach Luke Fickell ($25 million–plus buyout), and Maryland announced it would bring back Mike Locksley ($13 million–plus).

ESPN, CFP Push Expansion Deadline Back Nearly Two Months [[link removed]]

The Columbus Dispatch

The deadline for the College Football Playoff to decide on expanding for next season has been pushed back from Dec. 1 to Jan. 23, a source with knowledge of the move tells Front Office Sports.

ESPN originally set the Dec. 1 deadline for the CFP to inform the network of any changes to the 2026–27 Playoff format. ESPN has held CFP media rights since its inaugural 2014 season, and next year will begin the first season of a six-year, $7.8 billion rights extension.

With Dec. 1 one week away and the SEC and Big Ten—the two conferences that contractually control CFP format changes—at odds over what expansion should look like, ESPN has approved a deadline extension, a source confirmed to FOS. The source called it a “one-time exception” at the request of the CFP.

CFP leaders now have until the Friday after the upcoming national championship game (Jan. 20) to agree on an expanded format. If there is no agreement on expansion, the CFP will remain at 12 teams for a third season.

Last week, FOS reported that a deadline extension would be possible [[link removed]]—if CFP asked ESPN to delay it.

Now, there are two months for SEC commissioner Greg Sankey and Big Ten commissioner Tony Petitti to continue negotiating over what a potential format of an expanded CFP bracket would be. Sankey and the SEC favor more at-large spots selected by the CFP committee, while Petitti and the Big Ten are seeking more automatic qualifiers.

In the short term, the next two weeks will be filled with conversations about this season’s 12-team CFP field, as debate over the selection committee’s seven at-large bids will be sure to dominate headlines before the bracket is revealed Dec. 7. The five automatic bids go to the five highest-ranked conference champions, though those teams will not receive automatic byes [[link removed]] this year.

ESPN and the CFP did not comment for this story.

Conversation Starters Vanderbilt’s football team has a new ad running in LaGuardia Airport calling itself New York’s SEC team. See it here [[link removed]]. Shedeur Sanders shared a moment in the tunnel with his dad, Deion, after becoming the first Browns quarterback in 30 years to win in his debut. Watch it here [[link removed]]. Boise State’s kickoff dog Blitz, who has spent years retrieving kickoff tees [[link removed]], is retiring, giving the job to his sister Bourbon. Editors’ Picks Savannah Bananas Try to Crack Down on Ticket Resellers [[link removed]]by Ryan Glasspiegel [[link removed]]The team says it’s launching its own resale market next year. ESPN Betting Czar: Why We Pivoted From Penn to DraftKings [[link removed]]by Ryan Glasspiegel [[link removed]]DraftKings “has similar ways of operating as ESPN” says ESPN’s betting VP. Why Are So Many NBA Teams Selling Now? [[link removed]]by Ben Horney [[link removed]]Mark Cuban tells FOS his theory on why his peers keep selling. Question of the Day

Would you watch the MLS Cup final if Lionel Messi isn't featured?

YES [[link removed]] NO [[link removed]] Not planning to watch [[link removed]]

Monday’s result: 13% of respondents think Lane Kiffin will be coaching next season at Florida. 36% think LSU. 48% think Ole Miss. And 3% think it will be a different school.

Advertise [[link removed]] Awards [[link removed]] Learning [[link removed]] Events [[link removed]] Video [[link removed]] Show [[link removed]] Written by Ben Horney [[link removed]], Eric Fisher [[link removed]], David Rumsey [[link removed]] Edited by Lisa Scherzer [[link removed]], Catherine Chen [[link removed]]

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