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Las Vegas Spurs here we come
"CVC Capital Partners is in talks to buy a minority stake in the San Antonio Spurs at a roughly $1.3bn valuation, in a move that signals how private equity is poised to reshape the ownership structures of National Basketball Association franchises.
...
The team has retained Guggenheim Partners to manage the process, said the people, who were granted anonymity because the matter is private. Guggenheim’s chief executive officer is Mark Walter, who is the controlling owner of baseball’s Los Angeles Dodgers."
https://news4sanantonio.com/sports/s...stake-in-spurs
Las Vegas Spurs here we come
You don't want private equity firms involved in this . Not good news.
exactly. nobody who cares about something would want a PE firm involved.
NBA will be dead if these weasels weasel their way in
Ugh.
Moving to Austin would make way more sense once the lease to the stadium is through.
Not good. Most PE guys are basically flippers. They'll just push to do things to get the team's valuation up, and then sell.
Maybe a owner that has balls to fire pop
If the spurs moved to Austin I’d stop supporting them honestly
For those who live in San Antonio, do ya'll believe there's any real chance the city would allow the team to relocate, even down the road to Austin?
With revenue sharing, the only monetary factor for the owners is facilities and ticket holders. From afar neither seem to be an issue... they've always had great attendance dating back to the Hemisphere days.
And a new arena wouldn't be too far afield for the city leaders, especially if relocation was threatened.
Austin is my hometown and I've never lived or really been to San Antonio much, but I'd also stop rooting for them if 'San Antonio' wasn't part of the team name, tbh, Austin Spurs or any other city.
I can absolutely see it happening. A new arena at this point would cost around $700/800mil at least and the city doesn't really have anywhere to put it. Spurs are gonna want a new arena while not paying for it; if they were still contenders I could see the city paying for it, but if the team is still in purgatory when the lease is up I don't see it happening. If it doesn't and Austin/Vegas/etc promise a new state of the art arena they're absolutely gone. COVID only makes it more likely too.
Lol Spurs are for sale on a TV infomercial Network.
$1.3B for 15% would make the spurs be worth $8.7B??
That's the valuation for the entire team. So the Private Equity firm is investing around $200 million.
I wonder which of the minority owners are selling?
Looks like it might be the Holt family trying to sell a portion of their ownership:
"On April 2020, a report surfaced the Spurs ownership group was selling a minority stake in the team.
The ownership group of the San Antonio Spurs is selling a minority stake in the team, people familiar with the matter told Sportico.
The team has retained Guggenheim Partners to manage the process, said the people, who were granted anonymity because the matter is private."
Holts probably trying to raise money for cash flow. I imagine with Covid they are deep in the red
I was about to post message in polish, that "owner of small shops franchise" is about to buy stakes in Spurs, but then I found out that the owner is some sort of fund.
Well, that's not good news to people down in SA.
I wouldn't worry yet. The Holts need to raise cash because Covid, but they still control the team. If covid keeps fans out for the 21-22 season, then I would start to worry.
If the Holts sell to a minority group who wants to move the team, then that’s on them in my opinion. Hopefully not. And yes, too soon to know the stakes. But definitely good to try and find out. The owner kids look like hipsters who had to move back to San Antonio to take over the business. I do wonder how motivated they are to really be owners.
I suspect the team owners don’t make much of a profit off the team during the best of times, so they’re likely bleeding badly now. This is bad news since the only way PE to make money would be a profitable sale of their interest.
Fortunately, we’re moving outside of SA/Bexar County so our taxes won’t be funding any new stadium bull . Also, I’m beginning to hate watching the playing style of the “new” NBA, so maybe disinterest will cause me to not care whether the Spurs stay, go or fold. I’m really on the fence right now... may have to start watching ice hockey.
So forget about hoping for a change to "best players will receive playing time" for Spurs?
Can we start a SPAC to buy that minority stake?
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