Buy & is now worth 7 billion! Suns two partners want Ishbiya to acquire its shares but are rejected

As the team's valuation approaches $7 billion, two Suns partners are asking the team's holding party Matt Ishbia's ISH Suns LLC to acquire their shares, GoPhnx reported.

Recently, lawyers at ISH Suns LLC rejected the requirements of Kisco WC Sports II LLC and Kent Circle Investments LLC. The two companies demanded ISH Suns to invest $825 million in a corporate valuation of more than $6 billion, an increase of 60% from when Ishbiya's company initially acquired a controlling stake.

Matt Ishbiya initially acquired a majority stake in the Suns and WNBA Phoenix Mercury for $4 billion in 2023, the highest selling price for NBA teams at the time. It is reported that the current valuation is approaching $7 billion, which is directly due to ISH Suns' huge investments in the organization, which are reflected in real estate, local media copyright, venue upgrades, fan experiences, and talent introductions between the two teams. In addition, there are factors such as the latest media copyright agreement in the NBA, the continued development of the WNBA, and the recent sales prices of other NBA teams such as the Lakers and Celtics.

Back in 2023, Ishbiya gave the team's 16 limited partners an opportunity to sell their interests at market prices at the same team valuation as their company used to acquire the controlling stake. 14 of the 16 partners accepted the initial acquisition proposal, while Kisco WC Sports II and Kent Circle Investments — and their respective heads are the only two rejecters.

ISH Suns made it clear that they do not object to Kisco WC Sports II or Kent Circle Investments to bring their interests to market and get quotes from other buyers – but this requires compliance with “rights and obligations set out in the agreement” and “applicable alliance rules” and will support any buyer interested in working with the company and jointly building the Sun and Mercury into top teams in their respective leagues.

ISH Suns lawyers insist that the two partners have no right to claim that they must be acquired by Ishbiya's company and believe that the timing of their request stems from the company's current market value. They also mentioned that Ishbiya’s company had no intention of reducing investment in any team and reiterated his stated goals: to compete for the championship, make an impact in the community and improve the fan experience.

source:7m vn1