Local ownership
In 1993, Spurs owner Red McCombs faced financial problems with his auto dealerships and needed to sell his basketball franchise. He had an offer from Les Alexander, who was ready to move the Spurs to Florida.
Gen. Robert McDermott, then chief of San Antonio-based USAA insurance company, petitioned McCombs not to sell to anyone who would move the Spurs.
"You can't do this," McDermott said. "We've got to find a way."
McCombs gave McDermott 48 hours. Turns out, that was enough time.
McDermott put together investors from San Antonio corporations who bought the team, formed a limited liability company and the Spurs were saved.
The local ownership group included corporations like Southwestern Bell, Valero Energy, USAA and The Oklahoma Publishing Co., which publishes The Oklahoman and whose late publisher, Edward L. Gaylord, had major investments in San Antonio.
"I can't say enough good about all those guys and the market," said Clay Bennett, Gaylord's son-in-law and a former member of the Spurs board of directors. Bennett has been instrumental in Oklahoma City's corporate support of the Hornets.
OPUBCO sold its Spurs interests after Oklahoma City passed the MAPS tax, which eventually funded the Ford Center. Bennett said some San Antonio leaders feared OPUBCO's involvement, along with a new arena in OKC, might impede efforts to build a new arena in San Antonio. So OPUBCO sold its interests to Peter Holt, who has become the Spurs' chairman of the board and led the franchise to remarkable success, which includes three NBA championships since 1997 and the 2002 opening of the SBC Center, where the Spurs now play.
Some say such an ownership model works well in smaller markets like San Antonio -- and Oklahoma City.
"It's not a big gun, controlling everything," said Charles Embrom, vice president of Zachry Hospitality Corp. and a member of the Spurs' board of directors. "It balances the good for the community. You get wide participation within the city."
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