Who Really Owns the Spurs and What Say Do Voters Really Have?
For 30 years, the San Antonio Spurs have been more than a basketball team they’ve been a source of identity, pride, and championships. But now, as a new $1.3 billion arena project moves forward, the story isn’t just about basketball. It’s about billionaires, politicians, and taxpayers — and how much say the people of San Antonio actually have in the deal.
The Wealth Behind the Spurs
The Spurs’ ownership group is stacked with tech giants, billionaires, corporations, and prominent names:
• Michael Dell — Dell Technologies founder, worth $128–$138 billion (~10% stake)
• Sixth Street Partners — Investment firm with $75 billion+ in assets (~20% stake)
• Joe Gebbia — Airbnb Co-founder, worth $7.4 billion (Stake unknown, minority owner)
• James R. Leininger — San Antonio billionaire, worth $1.7–$1.9 billion (~8.7% stake in Spurs)
• David Robinson — Spurs legend, worth $200 million (~1.89% stake)
• The Peter J. Holt & Family — Majority owners of the Spurs with 40%+, worth $200–$400 million
SWBC, Valero Corp., San Antonio Mission Owners Bruce & Russell Hill, Founders of investment firms, Paul Vienna and Kimberly Lewis, also are amongst the names publicly listed who have a stake in the San Antonio Spurs.
In a 2011 interview with the Texas Tribune, James Leininger was asked what people might not know about him. He replied,
“I certainly don’t need to make any more money, and I’m not trying to make any money out of this; I’ve probably given $100 million away”— a statement meant to counter critics who accused him of trying to “buy democracy.” Yet now, in 2025, Leininger is among those backing Project Marvel and asking taxpayers to put up public money, despite his long history of giving away millions of his own.
All make combined wealth: $140 billion+ — yet taxpayers are being asked to put up nearly half a billion.
What the Deal Actually Says
The nonbinding term sheet approved by City Council lays out the framework:
• City of San Antonio: $489 million, funded by tax reinvestments and arena lease/land revenues. This money is locked in. No public vote.
• Bexar County: $311 million. This is where voters get a say — November 2025 ballot.
• Spurs ownership: $500 million plus any costs above $1.3 billion.
Other Key Terms:
• City will technically own the arena, but the Spurs will keep exclusive naming and advertising rights.
• Spurs will pay just $4 million/year to lease the facility.
• Spurs will cover $25 million/year in maintenance.
• A nonrelocation agreement ties the team to San Antonio until 2062.
• Spurs pledge $75 million in community benefits over 30 years and gift the city a $30 million land parcel.
• NBA must still approve the final agreement.
What’s Left for Voters
Your vote won’t touch the city’s $489M — that’s already committed. Instead, voters will decide:
• November 2025: whether Bexar County issues $311M in tax revenue bonds for the new arena and upgrades to county facilities like the Frost Bank Center.
• May 2026 (likely): whether the city can issue a bond package for streets, sidewalks, and infrastructure around the arena district.
That means voters’ power lies in rejecting county funding now, or blocking new city bonds later — forcing Spurs ownership to pay more themselves.
How the Council Voted
YES (7)
Sukh Kaur (D1)
Phyllis Viagran (D3)
Edward Mungia (D4)
Marina Gavito (D7)
Ivalis Meza Gonzalez (D8)
Misty Spears (D9)
Marc Whyte (D10)
NO (4)
Mayor Gina Ortiz Jones
Teri Castillo (D5)
Leo Castillo-Anguiano (D2, interim)
Ric Galvan (D6)
The “NO” votes came from council members who actually listened to San Antonians — and honored the simple request for an independent review of a $1.5 billion deal. If you feel blindsided by this process, remember: you’ll have the chance to hold council accountable at the ballot box in their next election. The majority chose to spend your money against your wishes — without hesitation or concern for the community.
Billionaires vs. The Common Man
The Spurs’ owners will keep naming rights and ad profits, lease the arena cheaply, and build equity off taxpayer-backed infrastructure while neighborhoods still fight for sidewalks, public safety, and basic services. Billionaires worth more than $140 billion are asking San Antonians to cover $489 million from the city and $311 million from the county. That’s the real matchup.
It’s Your Say
It’s our turn to remind City Council: they may have locked in their part, but voters still have power at the end of the day.
We can’t change the $489 million the city has already committed, but we can decide in November whether Bexar County puts in $311 million — and we can decide in 2026 whether the city gets to issue new bonds for streets and arena infrastructure. That’s where the community’s voice matters most. Make the billionaires chip in more.
In a city where families are attacked by loose dogs, and where residents still beg for something as simple as sidewalks, Council rushed through a billion-dollar deal. November’s ballot is our chance to push back to say no to blank checks, and yes to making Spurs ownership pay their fair share.
