Paul Viera raises stake in San Antonio Spurs from 5 percent to 11 percent
Date
9/29/2024 3:13:21 AM
(MENAFN) Businessman Paul Viera increases his stake in the San Antonio Spurs from 5 percent to 11 percent, as NBA valuations climb, making teams more attractive assets for investors, according to CNBC. About two weeks ago, Viera, founder and CEO of the Atlanta-based investment firm Earnest Partners, bought out food service company Aramark’s remaining interest in the Spurs at a steep discount in a deal that values the team at USD2.5 billion.
Last May, Viera acquired a 5 percent stake in the Spurs for an undisclosed enterprise value. However, Aramark’s 2023 annual report reveals that it sold a portion of its stake in the Spurs for USD98.2 million in cash, resulting in a pretax loss of USD1.1 million during fiscal 2023. Partial team owners often receive significant discounts when purchasing small portions of teams, which provide less control over decisions.
The Spurs’ majority owner is Peter Holt, managing partner of Spurs Sports & Entertainment, which operates the team’s arena, the Frost Bank Center. The Holts joined the Spurs ownership group in 1996. Other minority owners include Dell Technologies CEO Michael Dell, Sixth Street Partners, the McCombs family, and two-time NBA champion David Robinson, who played for the Spurs from 1989 to 2003.
Viera's increased investment reflects the growing interest in NBA teams as valuable assets, especially amid rising valuations in professional sports. The Spurs have a storied history and a strong fan base, further enhancing their appeal to investors.
MENAFN29092024000045015839ID1108726387
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.