The Spurs' ownership group confirmed that it is "selling a small minority stake in the team" and has "retained the investment firm Guggenheim Partners to manage the sale," according to Tom Orsborn of the SAN ANTONIO EXPRESS-NEWS. Spurs Sports & Entertainment Chair Peter J. Holt in a statement said that the move "would not affect the franchise’s future in San Antonio." The "identity of the shareholder selling a piece of the team isn’t known," but the amount is "minor and won’t impact the Holts or the way the team has operated for years under the family’s steady leadership." The news was first reported by Sportico. Meanwhile, in "perhaps a sign of the franchise’s financial health, it hasn’t laid off, furloughed or asked any staffers to take a reduction in pay during the NBA’s coronavirus-forced suspension of play." Spurs Sports & Entertainment CEO R.C. Buford said, “I am not an accountant, so I can’t say how we have avoided it, but we have not made any staffing changes at this time. We will continue to review the realities of the situation as we go forward” (SAN ANTONIO EXPRESS-NEWS, 5/1).
