Shiyin Chen
Venture Investors Bid $3 Billion for Phoenix Suns, Mercury: WSJ
(Bloomberg) — Two venture capital investors have made a $3 billion bid to buy the Phoenix Suns and Mercury basketball teams, the Wall Street Journal reported.
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The bid was submitted by Jack Selby, managing director of Peter Thiel’s Thiel Capital, and Jason Pressman, managing director of Shasta Ventures, the newspaper said, citing people with knowledge of the matter. The bid by Selby and Pressman could include financing from Thiel, as well as private equity and sovereign wealth funds such as the Qatar Investment Authority, WSJ reported.
Robert Sarver, the owner of the professional basketball teams, said in September he’s seeking buyers for the franchises. He had been under mounting pressure to step down after an investigation found he used racist slurs and harassed female employees.
Read more: Suns Owner Sarver Set to Sell Teams Amid Harassment Scandal
Selby, Pressman and others participating in the bid met with Suns management on Wednesday, according to the report. They are among a handful of potential buyers, according to the report.
Second-round bids are due in January, the newspaper said.
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