Breaking San Antonio Spurs news has hit the Alamo City as reports have emerged about the team selling a minority ownership stake.
With the initial report being broken by Variety after being confirmed by The Athletic’s Shams Charania, news that the team is selling a minority stake of the San Antonio Spurs is true. Variety is also reporting that the ownership group has brought in Guggenheim Partners to handle the sales process.
With no confirmed percentage brought to light just yet, nor who exactly is selling the stake, the news has caused a bit of a stir amongst Spurs faithful.
Numerous fans, even local beat reporters initially questioned the severity of the stake being sold. Questions arose about whether or not the team will stay in San Antonio, but Chairman Peter J. Holt ensured fans that the 210 is home, in response:
“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 impending minority stake sale comes as a bit of a surprise, but one some could see coming. With the Spurs Sports & Entertainment group recently selling the AHL’s San Antonio Rampage minor-league hockey team to the Vegas Golden Knights back in February, maybe this initial minority stake sale might be the first domino to fall for many moves that follow.
The Spurs have been in San Antonio since 1967, this is a franchise that has been embraced by the entire city.
While I wouldn’t expect them to sell the team and move out of the city, the recent transactions SS&E has been apart of are a bit worrisome.