On Wednesday, the Buss family, led by Jerry's daughter, Jeanie, sold their majority stake in the Los Angeles Lakers to Mark Walter and the Guggenheim Group for $10 billion, shattering the previous record for an NBA team set by the Boston Celtics ($6.1 billion) last year.
It was the most expensive transfer of a sports team ever, and the market for entertainment properties like sports franchises has been reset.
On the same day, Peter John Holt and Spurs Sports and Entertainment announced an investment of their own: they joined the ownership group for the League One Volleyball (LOVB) team in Austin.
Peter J. Holt And Jeanie Buss
Peter John Holt And Jeanie Buss
By Tony Fisher
“David Blitzer, Amy Griffin, and Peter J. Holt are passionate champions of LOVB’s unique youth-to-pro model, the potential for volleyball to be the next major sports league in the U.S., and the community of Austin as a true hotbed for the sport," said LOVB President Rosie Spaulding. "We are thrilled to partner with these three extraordinary organizations in growing LOVB Austin, League One Volleyball, and the game itself.”
Holt and the Spurs are not only part-owners of the Austin team, they are also now equity holders in the league itself.
LOVB Austin won the first league title last year. Teams are based in Austin, Houston, Madison, Atlanta, Omaha, and Salt Lake City. NBA stars Jayson Tatum and Kevin Durant were early investors, joining legends like Billie Jean King, Lindsay Vonn, and Candace Parker.
Volleyball has long been popular in America as a rec-league sport, although its viability as a professional league remains to be seen. Although with the Spurs' backing, it should be able to gain some steam.
While the investment in the women's volleyball league was likely purely in the financial interests of the Holt family, Spurs fans can be hopeful that the move indicates a possible WNBA franchise eventually finding its way back to San Antonio.
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