An agreement has been reached to sell...
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An agreement has been reached to sell the San Antonio Spurs to a Houston group for $50 million, the San Antonio Express-News reported Wednesday.
The newspaper, quoting unnamed sources close to the negotiations, reported that Chairman Angelo Drossos and President B. J. (Red) McCombs will divest themselves of their shares, with all other Spurs investors entitled to follow suit.
If the franchise is sold, Drossos, who owns 37% of the team, will get $18 million, and the McCombs family, which owns 35% of the team, will get $15 million, the newspaper reported.
Drossos has said that under terms of an anticipated agreement, the new owners will have to keep the team in San Antonio if it makes money, but can move it if it loses money.
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