Dec 13, 2018; San Antonio, TX, USA; A general view of the San Antonio Spurs logo on the court prior to a game between the Spurs and the LA Clippers at AT&T Center. Mandatory Credit: Soobum Im-Imagn Images Soobum Im-Imagn Images

San Antonio Spurs Announce Massive $2 Billion Commitment

Originally posted on San Antonio Spurs on SI
By Farbod Esnaashari | Last updated Aug 22, 2025 6:06 AM ET

As the new San Antonio Spurs usher in a new era with Victor Wembanyama at the helm, it's clear that the team wants to return to being at the forefront of the NBA. They've been aggressive in pursuing new stars, stacking up capital, and now they want a new building to go along with it.

In July, the Spurs announced a pledge to commit over $1 billion to building a new arena in what was known as 'Project Marvel'. In August, they pledged to do something even bigger.

On Thursday, San Antonio Spurs managing partner Peter J. Holt made an announcement aft er the city voted on whether the team could have a new arena.

"This project is about more than an arena. It’s about pride in who we are as a city and belief in what San Antonio can become," Holt said. "The Spurs are investing over $2 billion because we believe in San Antonio’s future."

Statement from San Antonio Spurs managing partner Peter J. Holt: pic.twitter.com/K4Q9KOaD7g
— Paul Garcia (@PaulGarciaNBA) August 21, 2025

"That includes a $500 million direct contribution toward the arena, covering 100% of cost overruns, guaranteeing $1.4 billion in private development and $75 million in community benefits. There will be no impact on local residents’ taxes and no money diverted from the city’s general fund," Holt added.

Holt also announced that the potential new arena will be publicly owned and built with the intention of breathing new life into the downtown area.

Christopher Creveling-Imagn Images

"This will be a true public-private partnership. The arena will be publicly owned, funded by visitors, and built to revitalize our downtown, create jobs and give future generations a place to celebrate together," Holt added.

What Comes Next For the Spurs?

On Thursday, it was revealed that the San Antonio City Council approved the Spurs arena term sheet. The arena is expected to cost $1.3 billion, but the Spurs aren't completely in the clear yet. On November 4, voters will have to decide whether or not they approve a venue tax allocation for the county's contribution to the building.

Big news today, as the Spurs have officially committed over $1 billion toward Project Marvel and a new downtown arena.

Don Harris has the latest on this huge announcement. pic.twitter.com/r9CKChwcFU
— News 4 San Antonio (@News4SA) July 25, 2025

"Now, the next step belongs to the people of Bexar County. On November 4, voters will have the opportunity to decide on this project, and we are hopeful they will join us in saying yes to the future of our city," Holt concluded in his statement.

Here's what we're seeing at City Hall as council prepares to make a potentially milestone decision. https://t.co/F1HslwM0M1
— KENS 5 (@KENS5) August 22, 2025

The power of a new arena can be massive for any sports team. After seeing what the LA Clippers have done with the Intuit Dome this season, it shows just how important a new arena can be.

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This article first appeared on San Antonio Spurs on SI and was syndicated with permission.

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