San Antonio Council Approves $1.3B Spurs Arena Term Sheet

The San Antonio City Council approved a $1.3 billion term sheet with Spurs Sports & Entertainment (SS&E) to build a new arena downtown, centered at the former Institute of Texan Cultures site, by a 7-4 vote despite opposition from Mayor Gina Ortiz Jones. The arena, expected to seat 17,000 to 18,500 fans and be ready for the 2032-33 NBA season, will be funded by $489 million from the city, $311 million from Bexar County pending a November voter approval, and $500 million from SS&E, which will also cover cost overruns and lead a $1.4 billion development project around the arena over 12 years. The City would own the arena but SS&E will maintain it and pay a $4 million annual lease fee while retaining naming rights. A 30-year non-relocation agreement binds the Spurs to San Antonio with allowances for some away games. The approval came amid community concerns about public funding priorities given San Antonio's high poverty rates and calls for more financial transparency. Spurs Sports & Entertainment Chairman Peter J. Holt expressed satisfaction with the approval but noted significant work remains before the November vote.