Concession giant Aramark said Tuesday it has reached a deal to sell half its equity in the NBA’s San Antonio Spurs for about $100 million.
The buyer isn’t disclosed.
“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 said in an earnings conference call with Wall Street analysts Tuesday. “It is not our intention to hold on to the other part of our ownership.”
The company had said earlier it was looking to exit its ownership in the Spurs. It doesn’t expect the sale to affect its operations with the team and AT&T Arena.
Just how much of the NBA team belongs to Aramark is not publicly disclosed. The company has owned a stake in the team since at least 2001, according to an SEC filing by Aramark that year which listed the team as a subsidiary. An Aramark spokesperson declined to disclose how much of the team it owns or when it was acquired. The Spurs didn’t immediately respond to a request for comment.
Based on the recent Sportico valuations of the Spurs, the Aramark stake probably is around 10%, declining to about 5% after the announced sale. In 2021, Sixth Street bought 20% of the team and Michael Dell 10% at a reported $1.8 billion valuation.
With assistance from Eben Novy-Williams and Kurt Badenhausen