Project Marvel’s Terms Favor Spurs Owners Over San Antonio
The latest breakdown of Project Marvel shows how heavily the deal tilts toward Spurs ownership. With NBA revenue sharing factored in, the billionaire group — including Sixth Street Partners, Joe Gebbia of Airbnb, and Michael Dell of Dell Technologies — could recoup their $1 billion investment in as little as four years. NBA revenue sharing delivers about $230 million annually to the Spurs, guaranteeing a payout regardless of ticket sales or local sponsorships.
What NBA Revenue Sharing Means
The NBA’s system redistributes money from high-earning franchises to smaller-market teams like the Spurs, giving them a reliable annual payout no matter local performance.
City’s Long Wait for Return
San Antonio, by contrast, faces a much slower path on its $489 million commitment, which relies on infrastructure bonds, general funds and more which are all tax payers dollars. Projections suggest it could take decades before the city sees any return — if at all.
Read last week’s Project Marvel Story: Uncle Sam Has Company
Revenue Sharing Denied
During council discussion, Mayor Gina Ortiz Jones pressed Spurs representatives on whether the city could share in naming rights, concessions, or ticket sales. “Revenue-sharing is when they get theirs, we get ours. When that money comes in, we get a cut. So why would we not ask for that?” she asked. The Spurs refused outright, ensuring owners’ debts will be covered swiftly while residents carry long-term risks with no share of guaranteed NBA payouts.
Council Split, Taxpayers Exposed
Only three council members joined the mayor in calling for a pause. The rest pushed the deal through, aligning with billionaire interests. By 2029, spurs owners are set to have their money back. The city’s profit timeline remains undefined.
What’s Left for the Voters?
- The City put in $487 million – this was passed by city council and is a done deal.
- The County added $311 million IF voters approve a county venue tax in November. This is where you make your money vote NO to billionaires such as Airbnb, Dell Tech., Sixth Street Partners and more.
