Holt's leadership helped turn the Spurs into one of the NBA's most respected franchises after his family became the team's largest shareholder in 1996. During his 20 years leading San Antonio, the team won an incredible five NBA championships (1999, 2003, 2005, 2007, 2014), qualified for 19 consecutive postseasons and became a model for how to create sustained success in professional sports.
"I’m proud of what we’ve achieved over the last two decades," said Peter Holt in a statement. "The championships are wonderful, bringing new sports franchises to San Antonio is important but the biggest accomplishment for me will always be the impact we’ve had in our community. The pride, support and love that our city has for the Spurs is truly amazing."
Julianna Hawn Holt will take over as the Spurs' chairman and CEO and become the team’s Governor on the NBA’s Board of Governors. Peter Holt will remain involved with the franchise as part of its board of managers and ownership group.
"Our ownership in the Spurs has always been a family affair," said Julianna Hawn Holt. "For many years I’ve had the desire to take a more active role with Spurs Sports & Entertainment. We felt this was the right time to make this transition. We are very excited about the current Spurs season and the future of the organization."
The Spurs are currently 54-10 during the 2015-16 season and positioned to make a run for what could be their sixth championship under the Holt family's ownership. With one of the game's all-time great coaches in Gregg Popovich and an elite player in Kawhi Leonard, the future is indeed bright in San Antonio.