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.
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.