http://sports.espn.go.com/nba/news/story?id=5383261 Reports: Pair buys Warriors for $450M * Email * Print * Comments8 ESPN.com news services OAKLAND, Calif. -- The Golden State Warriors have been sold for a record $450 million, multiple media outlets are reporting. Boston Celtics minority partner Joe Lacob and Mandalay Entertainment CEO Peter Guber won the bidding. The deal had not been formally announced. Lacob and Guber beat out Oracle CEO Larry Ellison, who had been considered the favorite to buy the team from Chris Cohan. The sale price breaks the record of $401 million set when Robert Sarver bought the Phoenix Suns in 2004. Lacob is also the managing director and partner at private equity firm Kleiner Perkins. According to Bloomberg News, the previous record price for an NBA team was the $401 million paid for the Phoenix Suns in 2004. Information from The Associated Press was used in this report.
is there even any room for an arena and parking in SF. Damn imagine the traffic....I've been there and it's horrendous.
My guess is he'll no longer be a partner with the Celtics, or his investment with them isn't really enough to really worry about.
he has to sell his ownership of the celts i think this new ownership group is not going to be much diff than cohans group... this guy has a venture capital and private equity background.. and he's financing the purchase of the team... this guy is not going to be a Buss or Cuban or Allen owner who is willing to give up profits to win... these are going to be bottom line, ROI, positive cashflow guys... Dubs are SCREWED
I think this is exactly right and it's a huge punch to the sack for the Warriors fans. They were pretty excited about a hands on, ambitious guy like Ellison. UGH. This new group could be worse than Cohan.
Parking isn't so necessary when most people don't drive. And if you live in the suburbs, you can just drive to a bart station and take the bart into town. not a big deal.
http://www.csnbayarea.com/07/15/10/...rover/landing.html?blockID=272028&feedID=2539 So apparently Ellison put in the highest bid but, according to Cohan-friend Galatioto, it came in too late, allowing Cohan-friend Lacob to win with his lower bid. The whole thing reeks of one last big F-U by Cohan to the Bay. Said Ellison: “Although I was the highest bidder, Chris Cohan decided to sell to someone else. In my experience this is a bit unusual. Nonetheless, I wish the Warriors and their fans nothing but success under their new ownership.”
same reason why you would sell them. it's been the subject of rumors for months now, including possible sites for a new arena. with the possibility of the team on the market, the rumors continued to swirl. http://www.sportsbusinessdaily.com/index.cfm?fuseaction=sbd.main&ArticleID=138045 http://sf.curbed.com/archives/2010/...san_francisco_and_get_mission_bay_stadium.php
I think this is the group who claims they have a team to play in Vegas if the city/county/etc. will construct an arena. In my opinion, this entire deal just reeks. I wouldn't want to be a fan in the Bay Area and having to read this story. Major bummer.
Word here was that Cohan is in deep financial problems stemming from unclaimed taxes on a big business sale of his company. Other than every writer, radio personality, and fan basically calling for his head the last 3 years.
http://www.ibabuzz.com/warriors/201...ampaign=Feed:+HoopJunkie+(Inside+the+Warriors) Joe Lacob: “We’re all about winning” By Marcus Thompson Thursday, July 15th, 2010 at 2:26 pm in Uncategorized. UPDATE: Here’s some insight on Joe Lacob from the majority owner of the Boston Celtics, Wyc Grousbeck. “Joe has been a world class partner at the Celtics, honest, team oriented and knoweledgeable. He has long wanted to own his own team. He brings business accomplishment and has won in business becuase he is a team builder. His record is identifying and building winning teams. He loves basketball, and is a real competitor. He is a great fit for the Warriors. I told him good luck but we will try to kick his tail for the next few decades.” I’m already a fan of Joe Lacob. I put in a call to him this morning when I heard he was buying the Warriors. And guess what? He called me back! What a refreshing turn of events, an owner calling back the beat writer for the team! And he gave me a few minutes. God bless you, Joe Lacob. OK, enough of my selfish rambling. Here is Lacob in his words, Q&A style. (Save you the agony, he declined comment on who is in and who is out.) How does it feel to fulfill your dream? LACOB: “It’s a great, great feeling. I live in the Bay Area and have for almost 30 years. I’m a Warriors fan. A season-ticket holder. A Stanford basketball guy. This is a dream come true.” When do you start making decisions and making this franchise yours? LACOB: “I’m not going to talk about that. But we’ve thought about this. We’re fans just like everybody else. We think we understand what has to be done. But I’m going to take my time. We’ve got to close this deal first. We’ve got to get league approval.” Many fans wanted Larry Ellison to buy the team and are disappointed now. You think they’ll be pleasantly surprised by you? LACOB: “I hope so. I personally don’t really know (what other groups bid). It was an auction process, so who knows what really went on. We did what we felt was right. We’ve been in it all the way.” “I’m incredibly proud of the fact that we stayed out of the news. We were not under the radar with respect to Chris Cohan. We did our due diligence. I think we wanted it more than the other guys and I think we are more knowledgeable about basketball than all these others guys. And if I didn’t think so we wouldn’t have done this.” “We’re there. We got it. We’re all about winning. We think it’s a very good opportunity as a business enterprise and the potential is there. But this is all about winning. We’re going to change the course of the franchise.” Coming in and turning around the Warriors could make you a legend in these parts. Is that the hope? LACOB: “We’re fans, too. We all think we can do this better than the current owner. We all do. Certainly, it occurred to us that given the history we could wind up looking pretty good. With their record (on the court), you couldn’t go much lower than that, to be honest. But we’re going to try to do everything we can to do a better job.” “I do want to say that they did a good job. Things on the business side have been very, very well. Obviously, I know it’s all about the results on the court. We all get judged on results and I expect and I expect to be judged on the results.” What do you think of the recent moves, specificially acquiring David Lee LACOB: “I’m not going to comment on that. I know they are doing the best they can do.” Many think $450 is an overpay. Why do you feel like it’s a fair price? LACOB: “All I can say is that we wouldn’t be doing it if we didn’t think it was a fair price. We obviously analyzed it very carefully. As you know, I am part owner of the Celtics. So I know all the (financial) numbers. I know how this compares and how this doesn’t compare. Look, this is a fantastic market. It’s I think 5th largest market in the country. One of the wealthiest bases of fans with the opportunity for sponsorships and partnerships and all that. There is a helluva an opportunity here.” Before you go, how do you celebrate the feat of buying an NBA franchise? LACOB: “Maybe get some sleep. (Laughs) I haven’t gotten much trying to get this done.” “It’s a great day. I’ve built a lot of companies in my day. I know what’s involved. This is a real challenge. This is going to take a lot of work, a lot of hard work. We’re prepared to do that.” “The No. 1 thing (fans need to know): we’re going to do our damnedest to bring the Warriors to respectability on the basketball court.”
