Two venture capitalists have submitted a bid to buy the Phoenix Suns and Mercury professional basketball teams for $3 billion, an offer that could include financing from tech mogul Peter Thiel, according to people familiar with the matter and an offer sheet reviewed by The Wall Street Journal. The group is one of a handful of potential buyers, according to the people.
The bid was submitted by Jack Selby, the managing director of West Hollywood, Calif.-based investment firm Thiel Capital, which was founded by Mr. Thiel, and Jason Pressman, the managing director of Menlo Park, Calif.-based venture firm Shasta Ventures.
