McCombs Sells the Spurs for $75 Million

A group of investors bought the San Antonio Spurs from owner B.J. (Red) McCombs on Friday for $75 million with a promise to keep the team in San Antonio.

“It’s become apparent to Red and to all of us that we need a broader base of ownership involved to make sure that the Spurs remain competitive and to provide long-term stability for the franchise here in San Antonio,” said businessman Bob Coleman, who headed the investors’ purchase.

Coleman, whose multimillion-dollar San Antonio company Texace Corp. is a leading manufacturer of golf hats and visors, is expected to become the Spurs’ managing general partner.

He said he would travel to Salt Lake City, site of Sunday’s NBA All-Star game, to begin seeking approval of the sale among league officials.

The investor group, which will assume 100% interest in the team with the sale, includes at least a dozen individuals and companies, including Southwestern Bell and San Antonio-based insurance giant USAA.

The group put down $1 million in cash Friday and will pay the remaining $74 million upon league approval, Coleman said.

The Spurs have won 24 of 28 games since John Lucas was hired as coach Dec. 18.

McCombs said he began to consider selling the team about five years ago, when its poor performance translated into sluggish gate receipts.