Venture Capitalists Make $3 Billion Offer to Buy Suns

Two venture capitalists have made an offer of $3 billion to buy the Suns, per Mark Vartabedian of The Wall Street Journal, via Arthur Hill of Hoops Rumors.Phoenix Suns

The offer was reportedly made by Thiel Capital investment firm managing director Jack Selby and Shasta Ventures managing director Jason Pressman.

Current owner Robert Sarver was suspended by the NBA following an investigation into workplace misconduct before the season, and announced in September his intentions to sell the franchise.

As we relayed here, Sarver is said to be seeking a buyer that would keep the Suns in Phoenix.

Thiel Capital was founded by Peter Thiel, most well-known for cofounding financial tech company PayPal.

Selby and Pressman toured the Suns’ practice facility and arena last week as one of a handful of groups that are looking to buy the team, Vartabedian reported. The deal of course would also include the WNBA’s Phoenix Mercury.

Current Nets owner Joe Tsai paid $3.3 billion to buy the team in 2019, which would make $3 billion the second-highest price to buy a team in NBA history.

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