Businessman Increases Stake in San Antonio Spurs #

A prominent businessman is increasing his ownership stake in the San Antonio Spurs NBA team from 5% to 11%. This move comes as NBA team valuations continue to rise, making franchises increasingly attractive assets for investors.

The businessman, who is the founder and CEO of an Atlanta-based investment firm, acquired the additional stake from a food service company. The deal values the Spurs at $2.5 billion, according to sources familiar with the transaction. Partial team owners can often secure significant discounts when purchasing small, non-controlling stakes in franchises.

The Spurs’ majority owner is the managing partner of Spurs Sports & Entertainment, which also operates the team’s arena. Other minority owners include prominent business leaders, investment firms, and a former NBA player who spent his entire career with the Spurs.

While the Spurs have won five NBA titles in their history, they have not made the postseason since 2019. However, the addition of rising superstar Victor Wembanyama is beginning to change the team’s basketball and financial outlook.

NBA teams have become highly sought-after assets, due in part to the league’s lucrative new media deal. Recent transactions involving other NBA franchises have set new valuation benchmarks, with some teams now worth billions of dollars.

The NBA has been actively working to increase diversity among team owners, encouraging investment from people of color and former NBA players. Several former players now hold minority stakes in various teams across the league.

As team valuations continue to climb, attention is now turning to potential sales of other franchises. The Boston Celtics, reigning NBA champions, are reportedly on the market, with expectations of a multi-billion dollar valuation.

This trend of rising valuations and increased interest from diverse investors is likely to continue shaping the landscape of NBA team ownership in the coming years.