San Antonio car dealer and rancher B.J....
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San Antonio car dealer and rancher B.J. (Red) McCombs, upping the price to end a struggle for ownership of the San Antonio Spurs, announced acceptance of his offer based on a $47-million value for the suffering National Basketball Assn. franchise.
McCombs, who is president of the Spurs, owns 35% of the team and would have to pay $30.5 million to buy the team outright and become the first majority interest owner in the team’s 15-year history.
The offer accepted by Spur chairman Angelo Drossos, who owns 37%, and other board members is based on obtaining at least 80% of the franchise.
The offer ended speculation the Spurs would be taken out of the city by outside interests that began negotiating with team officials following McCombs’ initial offer.
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