The last two years have been filled with incredible highs and lows for the Phoenix Suns. They had been one of the punching bags in the NBA for a long time before making a surprise run to the NBA Finals in 2021. They would lose to the Bucks, which was a disappointment, but the franchise was very much trending upward. While the Suns were rising, though, their owner Robert Sarver was being investigated for workplace misconduct.
The NBA ended up suspending him for a year and fined him $10 million, but many felt that the punishment wasn’t enough and wanted Sarver to sell the team. As the backlash against him grew, Sarver eventually relented and agreed to sell both the Suns as well as the Phoenix Mercury. Reports indicated that he would sell for a record-high price, and a bid of $3 billion has been submitted by two venture capitalists, as per Wall Street Journal.
“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 an offer sheet reviewed by The Wall Street Journal. The group is one of a handful of potential buyers, according to the people.”
“The bid was submitted by Jack Selby, the managing director of West Hollywood, Calif.-based investment firm Thiel Capital, which was founded by Mr. Thiel, and Jason Pressman, the managing director of Menlo Park, Calif.-based venture firm Shasta Ventures.”
“Should the group win the deal, Mr. Thiel would become a significant shareholder in the team even though he isn’t listed on the group’s initial offer, the people said.”
Peter Thiel is somewhat of a controversial figure himself, so it would be interesting to see if there is some backlash if he does eventually get in line to be a significant shareholder. There is still some time for it, though, as the second round of bids will be due in January, as per this report.
The Suns Seem To Be In Trouble On The Court
Getting back to what’s going on, on the court, the Suns are turning into somewhat of a mess. They had the best record in the Western Conference just a few days back but were crushed in back-to-back games by the Dallas Mavericks and the Boston Celtics. Another defeat followed after that at the hands of the Pelicans, and they are sliding down the standings.
They just don’t seem right after Luka Doncic, and the Mavs destroyed them in Game 7 last season, which made a dominant regular season where they won 64 games irrelevant. They should still make it to the postseason fairly easily, but it is hard to see them making much noise.
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