Two venture capitalists have reportedly made an offer for the Phoenix Suns and Mercury.

Jack Selby, managing director at Thiel Capital, and Jason Pressman, managing director at Shasta Ventures, have made a $3 billion bid for the teams, according to the Wall Street Journal. Forbes last valued the Suns at $2.7 billion.

The bid could include financing from Thiel Capital’s Peter Thiel, who co-founded PayPal — a sponsor of the two Arizona teams. Thiel’s net worth is estimated to be at $4.2 billion.

• Other backing could potentially come from private equity and sovereign wealth funds such as the Qatar Investment Authority.
• Selby and Pressman are reportedly forming a group of roughly 10 to assist in the takeover. 

Members of the group toured the Suns’ facilities and met with its management on Dec. 6, according to The Wall Street Journal.

Last week, outlets reported that a “handful” of bidding groups progressed to the second round of vetting. Second round bids are reportedly due in January.

Jeff Bezos, Larry Ellison, and former president Barack Obama have also been reported as possible interested parties.

Sarver’s Sale

The teams were put up for sale by Robert Sarver following an NBA-commissioned report detailing repeated acts of misogyny and racism by Sarver. He owns around 35% of the NBA team but reportedly has authority to sell the team in full.

Stephen Curry, Serena Williams, and Adidas are all being sued as members of the Bored Ape Yacht Club.

Other celebrities including Jimmy Fallon, Snoop Dogg, and Madonna are accused of pumping up the value of Yuga Labs’ flagship NFT collection and its associated crypto token ApeCoin.

• The suit claims that defendants made “false and misleading statements concerning Yuga’s growth prospects, financial ownership, and financial benefits” and used “celebrities to lure in unsuspecting investors.”
• Many celebrities promoted the NFT collection and had Bored Ape avatars of themselves.
• Plaintiffs Adam Titcher and Adonis Real said they purchased BAYC assets during or after April 2021 and took heavy financial losses from them. 

ApeCoin launched in March of this year but has fallen by 46.8% of its initial value and 84.4% of its peak in April. 

Bored Ape Yacht Club surged to $346.1 million in January 2022 but has fallen off with sales volume under $32 million in September and October and $63.8 million last month.

NFT Drop

NBA Top Shot, a Dapper Labs product which helped ignite the craze through a licensing agreement with the NBA, saw sales volume top $200 million in February and March of 2021, but volume just fell to $2.1 million in November.

The Topps MLB NFT collection had $8.5 million in sales volume in April 2021 but hasn’t topped $1 million since June 2021. The NFL’s “NFL All Day” NFTs peaked in September at $14.3 million.

The Seattle Kraken are now the third NHL franchise with a female owner. 

Samantha Holloway — founder of tech companies GoSpotCheck and Hat Labs — is now a co-owner, joining her father David Bonderman in the team’s ownership group. 

• Holloway was previously a minority investor in the Kraken.
• In March, she was named the chairperson of the team’s executive committee.
• Bonderman is the co-founder of private equity firm TPG Capital.
• He’s a minority investor in Boston Basketball Partners — owners of the Boston Celtics. 

The Kraken — the 13th-most-valuable NHL franchise at $875 million as of December 2021, per Forbes — join the Colorado Avalanche and the Buffalo Sabres as teams with female owners. 

Kim Pegula has been a co-owner of the Sabres since 2011 when Terry Pegula bought the team for $189 million. 

Ann Walton Kroenke is a co-owner of the Avalanche with Stan Kroenke — who also owns the Los Angeles Rams, Denver Nuggets, Colorado Rapids, and Arsenal.

Potential Ownership Change

In November, the Ottawa Senators were put on the market after the family of the team’s late owner Eugene Melnyk hired Galatioto Sports Partners to explore a sale of the franchise.

Melnyk purchased the Senators for $92 million in 2003 to save it from bankruptcy. As of December 2021, the team was valued at $525 million — the 28th most-valuable NHL franchise.

Actor and Wrexham AFC co-owner Ryan Reynolds is reportedly “very interested” in owning the Senators, though he claims he would need to be part of a consortium of investors.