The San Antonio Spurs are reportedly looking to sell a minority stake in the team, according to Sportico. The Holt family currently owns the Spurs, having purchased them in 1996 for $76M, only to see the value rise to $1.8B.
The news of the potential sale follows a trend of various investors expressing interest in ownership stakes, while leagues like MLB are changing rules to allow funds to purchase limited stakes in multiple teams.
One such private equity firm is Arctos Sports Partners, launched by former Madison Square Garden President David O’Conner and Ian Charles. Axios reported Arctos has raised between $1- $1.5B with the intent to invest between $20-$300M in North American sports teams and European soccer clubs.
As Arctos looks for spots to put its money, American investor Joseph DaGrosa is seeking to build a group of soccer teams. Forbes reported DeGrosa believes he can buy in at a 50%-70% discount because of the pandemic’s effect on team finances.
Source: frntofficesport
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