Phoenix Suns owner Mat Ishbia has reportedly been sued by two minority owners for fraud. According to Front Office Sports' Ben Horney, a couple of minority owners said that Ishbia used the team as a "personal piggy bank," as he allegedly failed to fund a recent capital call on time.In Monday's filing, Kisco WC Sports II, owned by Andrew Kohlberg and Kent Circle Investments, led by Scott Seldin, alleged that Ishbia has engaged in fraud. The Suns' limited partners said that Ishbia failed to meet the deadline to fund a June 2 capital call requesting additional money from investors."Ishbia does not own the Suns to make money for the company but he does operate it as a personal fiefdom for his own personal gain and for the benefit of his other businesses, including his mortgage company United Wholesale Mortgage," the latest filing said."The reality is that Ishbia is using the Suns as his personal piggy bank, including through a lengthy list of conflicted transactions — only some of which the minority owners are aware of."In addition, Ishbia allegedly refused Seldin and Kohlberg access to internal records. Other accusations also include Ishbia extending a loan at an interest rate far above market value and the naming rights to the team’s arena being allegedly sold without disclosing details to other owners.The arena has been renamed the Mortgage Matchup Center, under a 10-year, approximately $115 million deal with Ishbia's own company, United Wholesale Mortgage.Monday's filing was a response to a countersuit filed by Ishbia last month. The feud began when Seldin and Kohlberg filed a "books and records suit" against Ishbia in August in the Delaware Court of Chancery.Ishbia assumed the role of team governor and controlling owner when he bought the majority stake of the Suns Legacy Holdings LLC, which owns the NBA team and the WNBA's Phoenix Mercury. The deal valued the Suns at approximately $4 billion, which was then the largest franchise purchase.Mat Ishbia has denied allegations, claiming that minority partners want a 'shameless shakedown'Through a spokesperson, Phoenix Suns majority owner Mat Ishbia has denied the accusations by the team's two minority partners. Ishbia labeled the lawsuit as a "shakedown.""This isn't a lawsuit; it's a shameless shakedown dressed up as legal process," a spokesperson for Ishbia told ESPN. "From Day 1, Mat Ishbia was transparent that he was going to do things differently. Contrary to how the team was previously managed, Mat made it very clear he would invest significantly into the Suns and Mercury."He told all the investors that they could step up with him or sell their stake and step aside. Kohlberg and Seldin stayed in and now they're trying to freeload off the value Mat created."When Ishbia purchased the franchise in 2023, he bought out 14 of the 16 minority owners, with Andrew Kohlberg and Scott Seldin remaining on board.Since acquiring the team, Ishbia was all-in on building a championship roster, which did not work. The superstar core of Devin Booker, Kevin Durant and Bradley Beal did not produce results.While the Suns are facing off-court issues under Ishbia's leadership, they are off to a hot start under first-year coach Jordan Ott. Coming into Monday's game against the Houston Rockets, Phoenix is 11-6 and is on a three-game winning streak.