The San Antonio Spurs have announced that Peter J. Holt has been elevated to Managing Partner. At the same time, Sixth Street, a leading global investment firm, and Michael Dell have joined the Spurs investor group as Strategic Partners. Both moves are pending NBA Board of Governors approval. The transaction is scheduled to close next week.
“We are forever grateful for the contributions of every Spurs investor dating back to 1973. There are countless individuals who have impacted the organization and our community in so many ways over the last five decades,” said Peter J. Holt. “The Holt family is excited to continue working with all of our investors to provide the support, leadership and resources needed for the Spurs to continue to thrive in San Antonio.”
The Holt family first joined the Spurs investor group in the summer of 1996. Peter M. Holt served as the Spurs Chairman for two decades before Julianna Hawn Holt was named the organization’s Chairwoman in March of 2016. Peter J. Holt assumed the Spurs Chairman role in March of 2019. Peter and his sister, Corinna Holt Richter, represent the family on the organization’s board of managers. The Holt family remains the largest shareholder of the San Antonio Spurs.
“Today is an exciting moment in San Antonio Spurs history as we welcome Sixth Street and Michael Dell to our investment group,” said Corinna Holt Richter. “We believe these two new partners, who share our commitment to culture, excellence and community, will help advance the franchise forward.”
Sixth Street manages over $50 billion in assets and operates from nine offices around the world. The firm was founded in 2009 as a partnership focused on core values of integrity, responsibility, and teamwork. Sixth Street’s investing approach is built around using its long-term, flexible capital base, cross-platform team culture, and data-enabled capabilities to offer solutions to companies across all stages of growth. Select current and past representative Sixth Street investments include Airbnb, AirTrunk, Caris Life Sciences, Legends, and Spotify.
“The San Antonio Spurs are one of the most successful and admired franchises in sports,” said Alan Waxman, Co-Founder and CEO of Sixth Street. “We have deep respect for how the team has built and sustained its championship culture and earned the fierce loyalty of the Spurs community through its discipline, willingness to innovate, and commitment to fairness and equality both on and off the court. We thank the Holts and the NBA for welcoming us as partners and we look forward to joining Michael Dell in supporting Peter’s vision for the future of the Spurs in San Antonio.”
Michael Dell is Chairman and Chief Executive Officer of Dell Technologies, a company that he founded in 1984 at the age of 19. Dell Technologies helps organizations and individuals build their digital future and transform how they work, live and play. The company provides customers with the industry's broadest and most innovative technology and services portfolio for the data era.
“I am excited to join Peter Holt and Sixth Street, and the entire San Antonio Spurs community, as a partner in this extraordinary franchise,” said Michael Dell. “As a Texan and as someone who appreciates how unique a culture of excellence is – in sports or in any organization – I have tremendous respect for the record the Spurs have established in San Antonio over many years. It is our goal to serve as true stewards of the franchise going forward.”
Guggenheim Securities, LLC acted as exclusive financial advisor to the selling investor consortium. A total of 13 investors in San Antonio Spurs, LLC were involved in the transaction. Wasserman and The Raine Group served as financial advisors to Sixth Street while Allen & Company, LLC consulted for the Holt family.
Top Photo: Peter J. Holt (San Antonio Spurs)
Bottom Photo: Corinna Holt Richter and Peter J. Holt (San Antonio Spurs)