From CNBC: 2024-09-25 14:27:25

Businessman Paul Viera is increasing his stake in the San Antonio Spurs from 5% to 11%, buying out Aramark’s interest in the team at a steep discount. The deal values the Spurs at $2.5 billion, with majority owner Peter Holt leading the ownership group. Rising superstar Victor Wembanyama is impacting the team’s trajectory.

NBA teams are in demand due to a new $76 billion media deal. Former NBA stars like Junior Bridgeman and Paul Viera are investing in teams like the Bucks and Spurs, which are valued around $4 billion each. The league is promoting diverse ownership, with former players like David Robinson holding stakes in teams.

The Boston Celtics, fresh off an NBA Finals win, are up for sale with co-owner Wyc Grousbeck selling his stake. Expectations are for the reigning champions to fetch between $5.5 billion and $6 billion. The Celtics were purchased for $360 million in 2002, highlighting the value growth in NBA teams.



Read more at CNBC: Investor Paul Viera doubles San Antonio Spurs stake