Report: Spurs selling minority stake in team; Holt says team committed to San Antonio

Peter J. Holt says ownership group remains 100 percent committed to San Antonio

SAN ANTONIO – The San Antonio Spurs are selling a minority stake in the team and have hired Guggenheim Partners to manage the process, according to a report in Variety.

Sportico, which is the sports business platform for Variety, reported the minority sale on Thursday.

It was unclear, however, if one of the current team minority owners or a group of Spurs investors are trying to sell their shares and if so, how much is at stake.

RELATED: Spurs president R.C. Buford says team, NBA want to resume season

The Spurs have a number of minority owners, but team ownership is controlled by the Holt family.

Peter J. Holt is the current chairman for Spurs Sports and Entertainment. Holt issued a statement in response to the report.

“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.”

The Holt family purchased the San Antonio Spurs in 1996 for $76 million.

The franchise is now worth $1.8 billion, according to Forbes’s most recent NBA franchise evaluations.

About the Author:

RJ Marquez is co-host of KSAT News Now and reports for Good Morning San Antonio. He's been at KSAT since 2010 and covered a variety of stories and events across the San Antonio area. He also covers the Spurs for on-air and digital platforms, including his Spurs newsletter. RJ has reported stories for KSAT Explains.