48MOH: In Appreciation of Peter Holt

[Fundamental9903]

48 Minutes of Hell

In Appreciation of Peter Holt

The presumed net worth of Peter Holt, CEO and owner of Spurs Sports & Entertainment, is around $80 million, making him one of the least wealthy owners in the NBA. Mr. Holt’s wealth derives from HOLT CAT, the nation’s largest authorized dealer of caterpillar machines, of which he is also CEO. Given the housing crisis that the United States has been experiencing since the fall of 2008, it’s safe to assume these are unnerving times for a man whose livelihood is based on the sale of construction equipment.

(I was unable to find financial data on HOLT CAT but the stock price for Caterpillar Inc., a company to which HOLT CAT’s fortunes are closely aligned, has fallen by nearly half since September 2008.)

Considering the financial pressure Holt is currently under, he did something brave yesterday: He allowed R.C. Buford to send the Spurs at least $10 million over the luxury tax line.

With a collective salary of $72,054,727, the Spurs were already $2.13 million dollars over the tax line set by the NBA yesterday at $69.9 million) before they signed Antonio McDyess, Marcus Haislip, and Malik Hairston.

For every dollar the Spurs spend over the line, they must pay a one dollar tax to the league. By signing McDyess to the full Mid-Level Exception and Haislip to the full Bi-Annual Exception (most likely), the Spurs are now a solid $10 million over the line. In that number I have yet to include the recently signed contract of Malik Hairtson (the details which are unknown), and the still unnegotiated contracts of DeJuan Blair and Jack McClinton. In short, the Spurs just committed themselves to paying anywhere from $12 to $15 million worth of luxury tax dollars this upcoming season.

Peter Holt took a serious financial hit yesterday and he did so for the good of the franchise you love.

It’s hard to feel sympathy for a man whose net worth is counted not just in millions but in tens of millions, but compare Holt’s situation to Mark Cuban’s, whose net worth is presumed to be north of $2 billion, and you begin to recognize the commitment Holt is making to the franchise. When the Mavericks head into the luxury tax, Cuban hardly feels the of a pin. Holt and the rest of the Spurs ownership group commit a significant fraction of the franchise’s net worth to the team’s success.

Mr. Holt’s financial commitment to the team is significant to no one more than the 3 individuals we adore most: Tim Duncan, Manu Ginobili, and Tony Parker. Whether by only requesting reasonable contracts or restructuring their contracts to allow the team to acquire the necessary supporting cast, over the last several years the big three have done their part to ensure the Spurs are in a position to compete for championships. By allowing the front office to take the steps they took today, Holt has kept up his end of the bargain.

In 2008, the median income of a household in San Antonio was $39,140. Over the last 12 months, that figure has surely gone down. I have just begun graduate school and am now neck deep in student loans. For all intents and purposes, you could say my net worth is zero. Given that most sports-related financial figures exist in millions, not thousands, it’s hard to feel like you can affect the life of a man like Mr. Holt. But you can.

Buy a ticket. Buy season tickets. Hell, buy a backhoe for all I care. You alone may speak the language of thousands, not millions. But there are over 2 million people in the greater San Antonio metropolitan area. We speak in millions. Fans have been known to organize financial boycotts of their favorite franchises when they disapprove of the ownership (see Cincinnati Bengals Fans for a simultaneously righteous and hilarious example). We can express approval with our wallets as well.

And remember, the franchise consists of more than just the Spurs. Go to Austin Toros games. Go to Silver Stars games. The franchise is deeply committed to the success of those two teams as well.

In many people’s opinion, the Spurs were teetering on the edge of irrelevance. By giving R.C. Buford and Gregg Popovich the necessary freedom, he has helped bring them back to the center of the contender debate. And he has done so during a time of great financial uncertainty. For this, Mr. Holt, we are deeply appreciative.

[autumninchicago]

Great find! I really appreciate what Peter and his group has done for the team this off season. I'm gonna plan to go down to SA for a few games this coming year to support the team!

[Brooklyn Dave]

Nice.

Mr. Holt deserves huge credit for allowing the Spurs to go against "type" and bust through the luxury tax threshold.

I figure he's going to have to find savings somewhere else. Next season, look for Pop and RC to lead the all "volunteer" Silver Dancers during time outs.

Instead of shooting tee shirts into the crowd, the Coyote will expect the crowd to throw their shirts to the floor so the Coyote can gather them up for sale at the gift shops.

[SpursFanDan]

Hats off to a great owner committed to fielding the best team possible

[timm]

Peter Holt is a helluva guy. When I see him at the bar, I'll buy him a drink or two.


ok peeps calm down and reboot. /endjoke

[Dasher]

great person, great Spurs fan.

[Dave McNulla]

i go to a game everytime that i visit san antonio.

[Grego]

Well, you can thank him by helping to sell out every game and buying merchandise.

That'll make it easier to absorb all the taxes they will be paying.

[spurscrazed]

Great job Peter!!!Indeed.

Those ex Military/AirFoce/Marine Spurs franchise owners are something else. They know how to run an NBA franchise and they are huge reason for this Spurs Org being as one of the most successful professional sports Organization.

I know I will do my part to support Spurs team this coming season and PO...

Spurs ALL THE WAY BABY!!!!We are hungry for more Championships. We are Spurs fans who are spoiled and will not take anything less than top spot....

Just win Spurs~

[TheLadiesMike]

Top 3 franchises by on the court performance - Celtics, Lakers, Spurs.

4 franchises that sold out season tickets last season - Celtics, Lakers, Suns, Thunder.

3 franchises that sold out season tickets this year - Celtics, Lakers, Thunder.

Come on Spurs fans, you're getting a top 3 product and this looks to be one of the most exciting years in franchise history!

[fuxion]

Well, I have always been in, but this year I will make it to more games. Maybe I will get the big 4 jerseys: Tim, Tony, Manu, RJ. To all Spurs fans: Let's go Braveheart all over the opponents this year and next!

[mpgraphix]

I hope the real Spurs fans in the SA area realize what's at stake. We've been spoiled for so long, the last 2 years should remind us that the good times can't last forever.

Treat these last 2 years as the last years you might see the Tim Duncan led Spurs play.

Ask the Celtics and Lakers how much they'd pay to see Magic and Bird play just one more time for their team...

[brickowskay]

I'm gonna go to some Toros games for sure this year, and buy me some Spurs merch.