Are the San Antonio Spurs looking for a new city to call home? No, but recent rumors of a sale might have some fans believing that. Ownership is assuring fans that the minority stake being sold won’t affect the team’s connection with the city of San Antonio. That’s good news for Spurs fans as they continue to anticipate a bright future for their team when the league resumes play.
San Antonio Spurs Ownership Comments on Minority Stake Sale
The Spurs Sport & Entertainment L.L.C. (SS&E) currently owns the San Antonio Spurs. After reports surfaced that ownership was selling a minority stake in the team, CEO and Chairman Peter J. Holt reassured fans that the team would remain in the city of San Antonio.
“As an ownership group, we remain 100 percent committed to the city of San Antonio,” Holt said in a statement, per Express News. “Every day we celebrate the amazing relationship that exists between our community, our fans and our Spurs. San Antonio is home and will remain home.”
Reports arrived this past Thursday, April 30, that a small minority stake in the Spurs was being sold. Sportico first delivered the news of the minority stake sale, citing anonymous sources.
Express indicated that there were approximately 20 investors in the Spurs ownership group as of 2016. These investors hold anywhere from less than one percent to as much as 40 percent, which is what the Holt family currently holds.
A recent Forbes report estimated that the Spurs are worth $1.8 billion. That ranks the team No. 14 overall in the NBA and second overall amongst small market teams behind the Portland Trail Blazers.
As of right now, the particulars of the minority stake sale aren’t fully known such as the identity of which investor is selling. What is known is that investment firm Guggenheim Partners will manage the sale. As mentioned, this minority stake sale won’t impact how the team is run or the Holts’ ownership situation due to how small a stake is involved.
Spurs Franchise History in San Antonio
As a franchise, the Spurs originally began as the Dallas Chaparrals in 1967, and ultimately changed to the Texas Chaparrals in 1970. It wasn’t until 1973 that they moved to San Antonio. This was due to ownership wanting out of the financially sinking ship that was the Chaparrals.
A group of 36 San Antonio businessmen became involved in a lend-lease deal to acquire the team from the Dallas ownership. They became the Gunslingers, at first, but the name changed to the Spurs before they played their first game.
That name stuck with them and the Spurs stuck with the city of San Antonio. It ended up being a great deal down the road too. It would take over two decades, but the team won their first NBA Championship in 1999 with Tim Duncan and David Robinson as their top stars.
They’d capture another title in 2003, then 2005, followed by 2007, and 2014. Big man Tim Duncan was a constant star with the team during those title runs. He will enter the Basketball Hall of Fame as part of the 2020 class. However, Duncan also had assistance from the likes of Tony Parker, Manu Ginobili, and then Kawhi Leonard.
Head coach Gregg Popovich has helped navigate the team to their success over the years, becoming one of the best and most-respected in all of sports. His coaching tenure is the longest in the league at 24 years.
In their more recent history, the team continues to reach for more playoff success. The latest stars include big man LaMarcus Aldridge and DeMar DeRozan. The team also holds an upcoming draft pick which will likely be within the top 14 of the NBA Draft.