SAN ANTONIO — Aramark has reportedly sold half of its ownership stake in the San Antonio Spurs for $100 million.
According to a report from Sportico, the buyer was not disclosed and the company is looking to exit its ownership with the Spurs. Slides from the earnings conference call on Tuesday mentioned the sale while talking about measures the company is taking to optimize their balance sheet.
“We sold approximately half our interest because there was a buyer who was working with the team to establish an ownership position,” Aramark CEO John Zillmer reportedly said in a call with Wall Street analysts Tuesday. “It is not our intention to hold on to the other part of our ownership.”
Aramark is a staple at the AT&T Center and reportedly the sale will not impact its operation with the team and the arena.
In addition, Aramark sold some of its stake in the Spurs since 2001. Sportico reported that an Aramark spokesperson declined to disclose how much of the team it owns or when it was acquired.
New ownership in the team has been spiking 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.
Twitter: @KENS5, @JeffGSpursZone