Spurs chairman Peter J. Holt said in a statement that this would not affect the team's future in San Antonio.
"As an ownership group, we remain 100% committed to the city of San Antonio," Holt said, according to Jeff Garcia of News4SA. "Every day we celebrate the amazing relationship that exists between our community, our fans, and our Spurs.
"San Antonio is home and will remain home."
It's unclear what percentage of the franchise is up for sale.
The Holt family has owned the Spurs since Peter M. Holt and his wife, Julianna, joined the ownership group in 1996. Julianna took over from her husband in 2016 following his retirement. In March 2019, the Spurs announced that Peter J. Holt, the couple's child, had succeeded his mother as chairman.
The Spurs have won all five of their championships during the Holt family's tenure, claiming their first NBA title in 1999 and lifting their most recent Larry O'Brien Trophy in 2014.
The team has played in San Antonio since 1973. The franchise was previously known as the Dallas Chaparrals.