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 Wall Street. A proposal paper reviewed by a journal. The group is one of a handful of potential buyers, according to the people.
The bid was submitted by Jack Selby, managing director of Thiel Capital, a West Hollywood, California-based investment firm founded by Mr. Thiel, and Jason Pressman, managing director of Menlo Park, California-based venture firm Shasta. Ventures.