Two venture capitalists have made a $3 billion bid to acquire the Phoenix Suns NBA team and its WNBA counterpart, the Phoenix Mercury, The Wall Street Journal reported.
According to the news outlet, the bid was submitted by Jack Selby, managing director of Peter Thiel’s Thiel Capital, and Jason Pressman, managing director of Shasta Ventures. It is believed that although the deal was submitted by Selby and Pressman, it could include funding from numerous private equity and sovereign wealth funds, including the Qatar Investment Authority as well as from Peter Thiel in a personal capacity.
Current Phoenix Suns and Mercury owner Robert Sarver announced in September that he is looking to sell both teams after coming under fire due to allegations of racial slurs and inappropriate behavior towards female employees.
Reports have stated that Selby and Pressman are set to meet with the Suns management on Wednesday. They are believed to be just some of the potential buyers. The second round of bids on the team is due to conclude in January.