Fifteen months after taking control of the longtime family business, Peter J. Holt and Corinna Holt Richter have assumed top roles at Spurs Sports & Entertainment.
Holt has been appointed Spurs Sports & Entertainment (SS&E) chairman and co-CEO, sharing the top post with SS&E President Rick Pych. Richter will serve on the board of managers for SS&E.
The move occurred Friday during a morning meeting of the board of directors of SS&E, which oversees four professional sports franchises as well as a charity and the AT&T Center.
Their father, Peter M. Holt, stepped down as chairman and CEO in March 2016 and his wife, Julianna Hawn Holt, took over as chairman and shared the CEO role with Pych, who has handled the team’s day-to-day operations. In February 2018, Julianna Hawn Holt filed for divorce, which hasn’t been finalized.
“We are humbled to carry on the legacy that our parents created,” Peter J. Holt said. “Corinna and I have grown up celebrating the growth and success of the Spurs and, like many San Antonians, our fondest memories are linked with the team. Understanding the deep love our community has for the Spurs, we’ll always strive to put our fans first in everything we do.”
The change in leadership has been anticipated and comes a day after beloved former Spurs star Manu Ginobili was honored with a jersey retirement ceremony at the AT&T Center. It also continues a period of change in the Spurs organization during which longtime fan favorites such as Tim Duncan, Tony Parker, and Ginobili have retired or moved to other teams, and Kawhi Leonard was traded.
The Holt family has owned the Spurs since 1996 when the elder Holt paid $76 million for the franchise. In February 2019, Forbes calculated the franchise value at $1.6 billion.
All five of the Spurs NBA championships were won while Peter M. Holt was majority owner, chairman and CEO. The Spurs have been the most successful franchise in the NBA in that time, and one of the most successful in all of North American sports.
Spurs Sports & Entertainment owns four professional sports franchises – the San Antonio Spurs, the San Antonio Rampage (AHL), San Antonio FC (USL) and the Austin Spurs (NBA G League). In addition, SS&E manages the day-to-day operations of the AT&T Center and Toyota Field. The organization employs more than 400 full-time and 800 part-time workers.
“We are excited to have Peter and Corinna assume leadership roles within Spurs Sports & Entertainment,” said Pych. “Logical succession planning has always been important to the Holt family, and we are thrilled that the family’s legacy will be sustained through their continued dedication and vision.”
Peter J. Holt and Richter took over as CEO and president, respectively, of Holt Cat and nine other related businesses in January 2018. Both previously held other positions in the company meant to prepare them to eventually take over the family business.
Holt Cat sells, rents, and services Caterpillar machines and equipment in a territory spanning 118 Texas counties. It is the nation’s largest Caterpillar equipment dealership.
Benjamin Holt, the company’s namesake, developed the first track-type tractor in 1904. It was later dubbed the Caterpillar. Holt Cat is in its 86th year in business.