The San Antonio Spurs are enjoying their first Playoff run since 2019, already sealing their spot in the second round after dispatching the Portland Trail Blazers 4-1 in their first-round series. It’s an exciting time for the franchise, who have returned to the top of the NBA in their third season since drafting Victor Wembanyama in 2023.
The Spurs’ modern era as a whole is littered with success, winning five NBA Championships since 1997, while also owning the longest streak of consecutive Playoff appearances in NBA history (22). Most of this era was under the ownership of Peter M. Holt, who became the majority stakeholder of the team in 1992. He also served as the team’s CEO until 2016, when he chose to retire and pass his responsibilities to his son, Peter J. Holt.
While Peter M. Holt hasn’t been linked with the Spurs directly in the last 10 years, a surprising story has surfaced regarding the 77-year-old. Holt was accused of smuggling drugs into the United States by his longtime yacht captain, Jay Jones, as was discovered through a lawsuit filed on April 23, 2026.
Jones alleges he was wrongfully terminated by Holt after refusing to smuggle large quantities of illegal drugs into the country, calling the former Spurs CEO an addict and an alcoholic while claiming these requests go back to 2017.
“’Holt used his power and connections to force Captain Jones to illegally acquire drugs in a foreign country and transfer them through Houston, Texas, to wherever Holt was at the time,’ said the lawsuit filed by Jones. Jones said Holt ‘tricked [Jones] into transporting an entire cooler full of illegal drugs,’ records show. Holt is also accused of having Jones use his own passport to get drugs from multiple Costa Rican pharmacies.” (h/t KSAT)
“When the powerful Peter Martin Holt’s need for narcotics outstripped his ability to acquire the same legally, he turned to those with whom he most interacted and controlled, his employees, to satisfy his addiction,” according to the lawsuit.
Jones’ lawsuit has alleged photographic evidence with it as well, with photos in the filing showing a cooler containing large amounts of marijuana and boxes of generic prescription medicines. The former yacht captain’s financial demands are unknown, according to public records.
Holt and his legal team had filed a lawsuit against Jones a day earlier, alleging that the former employee’s allegations were made up and part of an effort to extort him by exploiting Holt’s past addictions.
“The former employee threatened to publicly disclose these allegations unless Plaintiff attended a mediation (which they did) and paid millions of dollars (which they won’t). We call this what it is: extortion,” according to the lawsuit filed by Holt.
Holt’s lawsuit also seeks that a judge declare he did not wrongfully terminate Jones while also seeking court and attorney costs, alongside other damages.
Holt is being represented by Houston-based attorney Chip Babcock, who commented via a text message to KSAT.
“Mr. Holt denies the allegations in the second suit filed by Mr. Jones in Houston. The first suit was brought by Mr. Holt in Blanco County, where he lives, and addresses the threats by Mr. Jones to either pay millions of dollars in hush money or face public exposure and embarrassment. As a highly decorated war hero and successful businessman, Mr. Holt does not give in to this sort of coercion and looks forward to airing out these false allegations against him in court.”
The Spurs have not been named as defendants in Jones’ lawsuit, so the franchise can likely continue enjoying its playoff run without the negative shadow of this situation. It likely will sour the mood for the current chairman of the Spurs’ parent company, his son Peter J. Holt.
