The ownership group of the San Antonio Spurs is selling a minority stake in the team, people familiar with the matter told Sportico. The team has retained Guggenheim Partners to manage the process,…
The team has retained Guggenheim Partners to manage the process, said the people, who were granted anonymity because the matter is private.
The Spurs declined to comment. Guggenheim didn’t reply to an email seeking comment on the stake sale. It has become increasingly difficult for owners to unload limited partnerships, or LPs as they’re known, as the valuations of professional sports franchises have skyrocketed. That said, because limited stakes often come without a board seat or a say in how the franchise is run, there’s usually what’s referred to as an LP discount of 10-25%.
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