The deal for a piece of the Spurs comes as NBA valuations rise on the back of an 11-year, $76 billion media rights deal.
Business man Paul Viera is increasing his stake in the San Antonio Spurs from 5% to 11% as NBA team valuations rise, CNBC has learned.The NBA has been working to increase team ownership by people of color or former players.
About two weeks ago, Viera, founder and CEO of the Atlanta-based investment firm Earnest Partners, bought out food service company Aramark's remaining interest in the Spurs at a steep discount in a deal that values the team at $2.5 billion, according to two sources familiar with the deal, who spoke on the condition of anonymity to discuss nonpublic information. Partial team owners can get major discounts when they buy small pieces of teams that give them less control over decisions.
Sports bankers tell CNBC that controlling stakes in the Spurs and Bucks are not far apart in value, at around $4 billion.The NBA has tried to increase the number of owners who are people of color or former NBA players. The Grousbeck family has its controlling stake in the Boston Celtics on the market, and sources tell CNBC they expect the reigning NBA champions to fetch between $5.5 billion and $6 billion. The Grousbecks bought the Celtics for $360 million in 2002.
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