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Private equity firm in talks to buy minority stake in San Antonio Spurs, report says

CVC Capital seeking to buy 15% stake in Spurs; Holt family not selling shares

MEMPHIS, TN - DECEMBER 23: Dejounte Murray #5 of the San Antonio Spurs shoots the ball during the third quarter against the Memphis Grizzlies at FedExForum on December 23, 2020 in Memphis, Tennessee. San Antonio defeats Memphis 131-119. NOTE TO USER: User expressly acknowledges and agrees that, by downloading and or using this photograph, User is consenting to the terms and conditions of the Getty Images License Agreement. (Photo by Brett Carlsen/Getty Images) (2020 Getty Images)

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.”

The Holt family purchased the Spurs in 1996 for $76 million. The Spurs are now valued at $2.05 billion, according to Sportico’s recent NBA evaluations.

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.

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