Spurs Chair Peter Holt, who in June bought out USAA's 13.37%
share in the franchise, has replaced Oklahoma City-based Gaylord
Properties Inc. as the club's largest investor after purchasing
the their 18.41% share in the team, according to Lucas & Rogers
of the San Antonio EXPRESS-NEWS. Terms of the deal were not
disclosed, but, Lucas & Rogers estimate Gaylord's share to be
worth "about" $23M. Spurs Exec VP Russ Bookbinder said fans
should be "heartened" by Holt's purchase because it "shows a
strong commitment" that the team will remain in San Antonio. The
EXPRESS-NEWS' Lucas & Rogers note past speculation that Gaylord,
which also controls Gaylord Entertainment of Nashville, would try
to gain control of the Spurs and move the team out the area.
Bookbinder: "Fans can look at Peter's track record in San Antonio
and also now take out the perception they might have had, that
the team might move." San Antonio Mayor Bill Thornton: "I feel
better with Peter Holt's desire to keep the team in San Antonio
than some owner from out of state." Holt, on remaining in San
Antonio: "We're here to stay, and what we want to do is make
this team competitive in the San Antonio market" (HOUSTON
CHRONICLE, 9/19).
