Paul Viera Expands Stake in San Antonio Spurs

Paul Viera, CEO of EARNEST Partners, has increased his stake in the San Antonio Spurs from 5% to 11%, a move approved by the NBA Board of Governors. This investment comes amid rising NBA team valuations, with the Spurs valued at approximately $2.5 billion after Viera bought out Aramark's remaining interest. Viera expressed enthusiasm for the team's culture and future trajectory, highlighting the Spurs' legacy and potential for success in the coming decade. His commitment is seen as a strategic partnership that will enhance the organization's value and community ties. Additionally, the Spurs are working with city officials to potentially develop a new downtown arena, which could cost around $1.2 billion. This expansion of ownership reflects a trend of increased investment in the team, including stakes from notable figures like Michael Dell and Joe Gebbia.