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.
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.