Golden State Warriors Sold for $450 Million
ESPN is reporting that Golden State Warriors owner Chris Cohan reached an agreement yesterday to sell the franchise for a record $450 million to Boston Celtics minority partner Joe Lacob and Mandalay Entertainment CEO Peter Guber.
"I am incredibly excited to have the opportunity to be the next steward of this storied NBA franchise. This is my dream come true," Lacob, who is also the managing partner with Kleiner Perkins Caufield & Byers, told ESPN. "Peter and I intend to do what we do best — innovating and building. It is our passion to return the Warriors to greatness and build nothing short of a championship organization that will make all of us in the Bay Area proud."
According to ESPN, Lacob and Guber grabbed the franchise from three other finalists, including Oracle CEO Larry Ellison, who had been considered the favorite. Ellison, who as a war-chest of of $28 billion according to an annual survey by Forbes magazine, is the sixth-richest man in the world.
Earlier this year, Ellison was courted by Warriors fans during a game to buy the struggling franchise — a franchise that has only made the playoffs once in the past 16 seasons.
According to ESPN, Ellison said in a statement that he was surprised he did not win because he made the biggest offer.
"Although I was the highest bidder, Chris Cohan decided to sell to someone else," he wrote. "In my experience this is a bit unusual. Nonetheless, I wish the Warriors and their fans nothing but success under their new ownership."