Two venture capitalists have submitted an offer to buy professional basketball teams Phoenix Suns and Mercury for $3 billion, an offer that could include funding 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, the sources said.
The offer was submitted by Jack Selby, managing director of West Hollywood, Calif.-based investment firm Thiel Capital, which was founded by Mr. Thiel, and Jason Pressman, managing director of the equity firm. Shasta Risk, based in Menlo Park, Calif. Companies.