The San Antonio Spurs announced a major change in the structure of its ownership on Friday, June 18th. Following approval from the NBA Board of Governors next week, billionaire Michael Dell and the Sixth Street investment firm will buy a combined 30% stake in the Spurs.
Michael Dell and Sixth Street Will Own 30% of the Spurs
No doubt, readers will be familiar with Michael Dell, the Texas entrepreneur who is Chairman and Chief Executive Officer of Dell Technologies. Dell said, “I am excited to join Peter Holt and Sixth Street, and the entire San Antonio Spurs community, as a partner in this extraordinary franchise. As a Texan and as someone who appreciates how unique a culture of excellence is – in sports or in any organization – I have tremendous respect for the record the Spurs have established in San Antonio over many years. It is our goal to serve as true stewards of the franchise going forward.”
As for Sixth Street, it is a global firm managing $50 billion in assets. Along with the investment in the Spurs, this company is known for its investments in companies like Spotify, AirBnB, and Caris Life Sciences.
Peter J. Holt is Now the Managing Partner for the Spurs
Michael Dell and Sixth Street’s investment in the Spurs is not the only big news. The other announcement concerns Peter J. Holt, whose family at present holds the biggest stake in the team. Holt was already a member of the board of managers, but he is now being promoted to Managing Partner.
Speaking about the Holt family’s history with the Spurs, Gregg Popovich said, “I can’t imagine a franchise being more fortunate than we’ve been to have that kind of leadership for all these years, where the culture’s been able to stay the same—that search for excellence and the commitment to the community.”
Popovich also spoke effusively about Dell and Sixth Street’s investment, saying, “All of a sudden, we have Sixth Street and Michael Dell who decide they want to get in that boat with us. And to have them is exciting because of what they’ve all done. They’ve done things I never even imagined. So to have their leadership, their experience, their support added to what Peter, John and Corrina are already doing is pretty exciting.”
What Will This Change Mean for the Spurs?
Naturally, any time there is a major change in ownership on a team, fans are going to wonder what other big changes might be in store for the future. Will the Spurs relocate? Will the culture change? Should we be concerned?
There is no way to be certain of what the future will bring. But I personally feel like this is probably a positive change. The new investors are bringing resources to the Spurs that our team can use to thrive.
As far as the culture changing, that doesn’t seem likely anytime soon given Holt’s promotion. If anything, it seems like the Holt family’s influence should strengthen through that promotion. Since the Holts have been so fundamental in shaping the culture to this point, there is no reason to expect a radically different direction now.
Given all of that, as well as Pop’s statements on the matter, I am optimistic that we are heading in a good direction with Sixth Street and Michael Dell onboard.