Airbnb co-founder Gebbia invests in NBA's Spurs
Joe Gebbia, the co-founder of Airbnb, the online accommodation booking service, has acquired a minority stake in the San Antonio Spurs, of North American basketball’s NBA.
The team announced Gebbia has joined the Spurs investor group as its newest strategic partner with the move approved by the NBA board of governors.
The franchise’s managing partner Peter J. Holt will continue to control team and business operations.
Gebbia becomes the latest investor in the Spurs after Sixth Street, the global investment firm, and Michael Dell, founder of computer manufacturer Dell Technologies acquired a combined 30% stake in the team last June.
Sixth Street holds a 20% stake, while Dell has 10%. That deal valued the franchise at $1.8 billion.
Holt was elevated from chairman and chief executive to managing partner, giving him full control of the Texas-based outfit.
Spurs Sports and Entertainment, the ownership group of the Spurs, was advised by global investment and advisory financial services firm Guggenheim Partners.
Meanwhile, the Chicago Bulls have announced a new partnership with Klarna, the online payment platform.
The multi-year deal will promote Klarna's all-in-one shopping service and interest-free 'Pay in 4' option to Bulls fans.
The Sweden-based company will also create co-branded in-stadium experiences, shoppable content, exclusive offers, and limited edition merchandise.
Klarna and the franchise will launch multiple initiatives tied to the partnership in the coming months, including exclusive fashion collaborations.
In addition, Klarna branding will be placed across the scoreboard and LED boards throughout the team's United Center arena, and on Bulls practice jerseys.
In separate deals, Bulls players Zach LaVine and Lonzo Ball have partnered with Klarna as brand ambassadors.
This represents Klarna's second deal in sports after it recently partnered with Angel City FC of the National Women's Soccer League.