SAN ANTONIO – A private equity firm is in discussions to buy a minority stake in the San Antonio Spurs, according to multiple reports.
The Financial Times initially reported on the discussions between CVC Capital and one of the team’s existing minority owners.
CVC Capital Partners is an investment firm based in Luxembourg that is seeking a 15% stake in the team, according to the Financial Times report.
The Spurs ownership group is made of 20 investors, including corporations such as Valero Energy, SWBC, ARAMARK Sports & Entertainment Group and AT&T Media Holdings.
The Holt family controls the majority of the team and they are not selling their shares, KSAT has learned. The potential deal will not affect the team’s ownership structure.
The sports business website Sportico reported in April that a minority stake in the team was up for sale.
Peter J. Holt, chairman for Spurs Sports and Entertainment, issued the following statement at the time 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.”
According to Sportico, CVC Capital owns stakes in several professional rugby leagues overseas and is set to invest into Italy’s top professional soccer league, Serie A.
The league recently established a framework that allows private equity money to participate in a franchise’s ownership, Sportico reported. The Spurs did not comment on this latest report.