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Phoenix Suns ‘receive $3bn offer’ from venture capitalist group

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A group of venture capitalist investors have made a $3bn (€2.85bn) offer to buy the National Basketball Association's Phoenix Suns and Women’s National Basketball Association’s Phoenix Mercury, the Wall Street Journal has reported.

The bid was submitted by Jack Selby, managing director of Peter Thiel’s Thiel Capital, and Jason Pressman, managing director of Shasta Ventures. The bid includes potential financing from billionaire PayPal co-founder Thiel, as well as private equity and sovereign wealth funds following a recent NBA rule change on this front.

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