A few months after officially announcing that the Phoenix Suns would be up for sale, current owner Robert Saver already has a massive offer on the table.
A Historic Offer
As reported first by the Wall Street Journal, a venture capital group has placed an offer worth an estimated $3 billion for the Phoenix Suns and Mercury. The offer was reportedly placed by Theil Capital, managed by former PayPal executive Jack Selby.
If accepted, the reported offer would be the second-largest franchise purchase in league history, just $3 million shy of the 2019 sale of the Brooklyn Nets. Forbes evaluated the Phoenix franchise at $2.7 billion to enter this season, coming in as the 13th most valuable franchise. All 12 of the most valuable franchises listed before Phoenix boast a $3 billion or greater evaluation.
Coming off of two of the better seasons in franchise history and a young core locked in for the foreseeable future, it is unsurprising that the sale would bring in a figure larger than the team’s current value.
Managing Partner Jack Selby has called Arizona home for the past two decades and has seemed to emphasize bringing jobs to the state. Recently, he announced that he will be investing over $100 million into Arizona startups. He also made headlines years ago for his habit of leaving massive tips for food service workers.
Current ownership has made it clear that they intend to sell to a party that will keep the franchise in Phoenix. With Selby seemingly running the point in this purchase, it seems highly likely that this would be his intention.
A Fresh Start
Considering the ownership turmoil that Phoenix has experienced over the past few months, it is obvious that this team needed a fresh start at the top. A motivated and likable owner combined with this roster, coaching staff, and front office could work wonders for the Suns.
Regardless of who purchases the team, Suns fans will likely feel a sigh of relief knowing that internal issues have been addressed and that the franchise will remain in the Valley.