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Airbnb co-Founder Gebbia becomes Spurs minority owner

Gebbia said that he was drawn to the Spurs for their philanthropic and social impact work over the yearsGETTY IMAGES

Airbnb co-Founder Joe Gebbia said that he has a "new strategic partnership role with the Spurs," joining Dell Technologies Founder Michael Dell and S.F.-based investment firm Sixth Street as "new investors," according to Shams Charania of THE ATHLETIC. Gebbia said that he was drawn to the Spurs for their "philanthropic and social impact work over the years," and views a potential impact in San Antonio reminiscent to when he and Nets F Kevin Durant "helped fund basketball and tennis courts" in S.F. in '19. This move continues a "further reconstruction of the organization" under Spurs Managing Partner Peter J. Holt since he took over in June. The Spurs have "seen a new group of minority owners come in," representing a "generational change as Holt stewards the next era of the franchise." The Spurs brought in a new round of investors last summer, and Holt said that several minority shareholders "wanted to sell as they set up their future plans." Dell bought into the franchise for 10% and Sixth Street took on 20%. Thirteen previous investors in the Spurs "sold off equity to make room for the new partners." Each brought in "fresh rounds of capital to the Spurs and opportunities to modernize the franchise," while the Holt family "remains the biggest shareholder." The infusion of new money and new owners came "almost simultaneously" as the Spurs began building their training facility. The Spurs broke ground in November on the 504,000-square-foot mixed-use campus that will "hold their new facility as the centerpiece" (THEATHLETIC.com, 1/18).

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