Aramark sells half of their ownership stake in the Spurs for $100 million (per KENS 5)

[longhorn]

https://www.kens5.com/article/sports/nba/spurs/report-aramark-sells-half-spurs-ownership-stake-100-million-nba-san-antonio/273-1408d965-8356-4f26-a8aa-d60d693bb816


According to a report from Sportico (https://www.sportico.com/business/team-sales/2023/aramark-selling-san-antonio-spurs-minority-stake-1234722207/), the buyer was not disclosed and the company is looking to exit its ownership with the Spurs. Slides from the earnings conference call on Tuesday mentioned the sale while talking about measures the company is taking to optimize their balance sheet.

“We sold approximately half our interest because there was a buyer who was working with the team to establish an ownership position,” Aramark CEO John Zillmer reportedly said in a call with Wall Street analysts Tuesday. “It is not our intention to hold on to the other part of our ownership.”

Will be interesting to see who this undisclosed buyer is. If they're from/based in Austin it'll only add kerosene to the fire that "Spurs to Austin" doomers have been stoking recently.

[rjv]

aramark is based in philadelphia, btw.

[MultiTroll]

So Holt kids are still what % owners?

[exstatic]

So Holt kids are still what % owners?

They're still the managing partners, which means they own the biggest share. Not sure what it is these days. I seem to remember something like 25-30%.

[rjv]

and aramark is just one of those largely passive investors that provide growth capital looking for a long-term return on their investment, collecting revenue along the way until they’re ready to sell down the line.

[offset formation]

So they sold half their share for 100Million...but whats that percentage of the total ownership?

Like did they own 10% and sold 5% for 100Million? According to the most recent Forbes valuations in 2022, the Spurs ranked 20th in overall value at 2Billion. That would equate out to the 2Billion.

Can't seem to find that information anywhere? I wonder if it was someone like Timmy, David, or Tony buying into the team? Would be keeping with their personalities to keep it on the downlow.

[exstatic]

So they sold half their share for 100Million...but whats that percentage of the total ownership?

Like did they own 10% and sold 5% for 100Million? According to the most recent Forbes valuations in 2022, the Spurs ranked 20th in overall value at 2Billion. That would equate out to the 2Billion.

Can't seem to find that information anywhere? I wonder if it was someone like Timmy, David, or Tony buying into the team? Would be keeping with their personalities to keep it on the downlow.

It'll be released, eventually. The NBA isn't the mafia, and I think all transactions have to be released. AFAIK, David already bought a small piece a long time ago, right after he retired.

[Big Empty]

If we land Wemby they coulda sold for 150 million instead

[exstatic]

If we land Wemby they coulda sold for 150 million instead

Yeah, I was thinking that they may have sold one week early. :lol

[JPB]

If we land Wemby they coulda sold for 150 million instead

Tbh. Unless the offer was on the table precisely until next week. It's 100M now or we won't buy, Wemby or not, after that. Would be crazy they didn't think about that.

[spurs10]

So they sold half their share for 100Million...but whats that percentage of the total ownership?

Like did they own 10% and sold 5% for 100Million? According to the most recent Forbes valuations in 2022, the Spurs ranked 20th in overall value at 2Billion. That would equate out to the 2Billion.

Can't seem to find that information anywhere? I wonder if it was someone like Timmy, David, or Tony buying into the team? Would be keeping with their personalities to keep it on the downlow. My question as well. So they sold about 5%? $200 million is about 10% I'm guessing.....???

[offset formation]

If we land Wemby they coulda sold for 150 million instead

Facts!

[Philthemage]

Maybe they gots some inside info that we won't be getting Wemby ����

[FuzzyLumpkins]

and aramark is just one of those largely passive investors that provide growth capital looking for a long-term return on their investment, collecting revenue along the way until they’re ready to sell down the line.

I hope for the economy's sake these investment firms and banks are improving their liquid reserves.

[Mr. Body]

I hope for the economy's sake these investment firms and banks are improving their liquid reserves.

I hope for humanity's sake these investmen firms and banks founder and turn to ruin.

[FuzzyLumpkins]

I hope for humanity's sake these investmen firms and banks founder and turn to ruin.

I get the appeal of watching it burn but unless the fed cuts out the middlemen and starts lending direct, I don't think that is they way forward.

[tonight...you]

I get the appeal of watching it burn but unless the fed cuts out the middlemen and starts lending direct, I don't think that is they way forward.
Anarchy is not the way. We just had basically an anarchist in Office disguising as a Republican.

[exstatic]

I hope for the economy's sake these investment firms and banks are improving their liquid reserves.

ARAMark is a food services company. They deliver wholesale to restaurants, and have contracts to run things like college cafeterias.

[ducks]

Must have got sick of pop can do no wrong and he signs his length of contracts and $$$

[rjv]

ducks chiming in again to remind everyone that he's still ST's top buffoon.

[Das Texan]

maybe it means aramark's trash food service will go away also.

[DPG21920]

1658549398454915077

[Tyronn Lue]

Bad timing

[CGD]

Lol

[Robz4000]

:lmao

[Chomag]

Doh!