For Ishbia’s majority ownership to be in jeopardy, the judge in the lawsuit would need to decide that Ishbia failed to fund the capital call by his own deadline and therefore, per the terms of the operating agreement, Ishbia must offer the minority owners the opportunity to fund his unfunded share at the $10 million per unit price set in his capital call notice. If that were to happen, Seldin and Kohlberg could take over the majority ownership of the Suns and Phoenix Mercury with a stake of approximately 60%.
ESPN
