SAN ANTONIO — The San Antonio Spurs announced that Paul Viera, founder of EARNEST Partners (based in Atlanta, GA), is expanding his investment stake in the team. The NBA Board of Governors has approved the transaction.
“I am incredibly excited about the Spurs culture and the direction in which the team is heading,” said Viera in a release. “The Spurs have a legacy of success and a promising outlook for the next decade and beyond. I look forward to continuing to support the team's growth and achievements.”
Viera is the founder and Chief Executive Officer of EARNEST Partners, a global asset management firm that oversees over $50 billion for municipalities, states, corporations, endowments, and universities.
“Paul has proven to be a strong strategic partner and we are thrilled to see his continued commitment to the Spurs investor group,” said Peter J. Holt, Spurs Sports & Entertainment managing partner in a release. “His increased commitment brings further value to our organization, reinforcing our shared vision for the Spurs and community. We look forward to working even more closely with him to build upon our legacy and reach new heights.”
According to the Spurs, Guggenheim Securities, LLC acted as the financial advisor on the transaction.
The news is coming off reports that the Spurs, the city, and other parties are looking into developing a downtown sports complex.
New ownership in the team has been rising over the years.
Austin-based Michael Dell purchased a stake in the team in 2021, Austin's Sixth Street bought into the Spurs in 2021, and Joe Gebbia, co-founder and chairman of Airbnb, became a minority owner of the team in 2022.