Spurs Selling Minority Stake In Franchise
The San Antonio Spurs are selling a minority stake in the franchise.
The team has retained Guggenheim Partners to manage the process.
A Spurs spokesperson said in a statement, “As an ownership group we remain 100 percent committed to the city of San Antonio. 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.\"
It is not known how large of a stake is available.
The Spurs are worth $1.8 billion, according to Forbes, which means a five percent stake would cost $90 million. Limited stakes often come without a board seat or a say in how a franchise is run.
The Holt family bought the team in 1996 for about $76 million.
