IRS Stressing Warrior Owner Chris Cohan

by Atma Brother ONE on May 19, 2007 4:09 PM PDT in News

Much aligned Golden State Warriors owner Chris Cohan has been accused of tax evasion by the IRS [SFGate]:

Golden State Warriors owner Chris Cohan, whose long-suffering team finally has become a force on the basketball court, has been waging his own battle in federal court over claims he evaded taxes and owes the government more than $160 million. The government says Cohan, a former cable TV mogul, "engaged in three potentially abusive tax shelters" when he sold Sonic Communications in 1998 for more than $200 million, court records show.

Let's hope the end is near for Cohan's ownership, although given his vast experience with legal battles that might be too optimistic. In Cohan's 13 year tenure as majority owner of the Warriors he's literally run the team to the ground with 12 losing seasons. During most of that time he has been a notorious penny pincher who made extremely poor hires (ahem, Gary St. Jean and Dave Twardzik). The lowlight of his ownership has to be getting booed at the 2000 NBA All Star game in Oakland when he took center court. Say what you want about NBA owners like the always energetic Mark Cuban or the playboy Maloof brothers, but Cohan is by the far the NBA's worst owner. He almost single handedly killed NBA hoops in the Bay Area, the sports world's 4th largest market. If it wasn't for Nellie rescuing him this year, we'd be looking at 13 straight years of not even being on the NBA's map.

Cohan's batting an incompetent .077 as owner of the Warriors.

What better owner for the Bay's beloved Warriors, the sole inhabitants of the Roaracle Arena, than Mr. Larry Ellison? Mr. Oracle has been rumored for years to be dying to own a professional sports franchise in California. His deep pockets and his win at all costs attitude would do wonders for the Warriors:

I'm not a tax or legal expert and believe me I fall into quite a different tax bracket than Cohan, so there's not too much I can add on the tax evasion accusations besides that if Cohan's gone-- GOOD RIDDANCE.

Any CPAs or attorneys in the GSoM community that can share some insights about the possible ramifications of this IRS battle for Cohan's ownership of the Warriors?

Also see:

Warriors owner accused of tax evasion, fights IRS [SFGate]
Warriors Owner in Trouble With the IRS [FanHouse]
Chris Cohan, The Wesley Snipes Of NBA Owners [The Sports Oasis]
esco41510's diary Cohan in $$$ trouble?

Chris Cohan's many "accomplishments" as owner of the Warriors:

Rise to the Occasion (by the way the Warriors rose ticket prices again for next season)
Missing Signatures
2005-2006 REPORT CARD: Chris Cohan and Robert Rowell
Chris Cohan is happy the draft isn't in the Bay
At the Press Conference: Write "Sell the Warriors"
The man who owns the Warriors: Cohan's rocky reign- An era marked by lost games, lost fans and endless litigation [SFGate]

0 recs | Comment 17 comments

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Comments

Cohan Gone may not be a good thing.

Do we really want him gone? Okay, he is a bad owner. But usually when a team is trying to get sold, it falls into turmoil. If noone buys, then bad times are ahead. Who knows? Some guy from Omaha may want to buy the team and move it! Look at the Grizzlies. Look at the SuperSonics.

Cohan, I think, has learned his lesson and is now willing to shell out his cash (even if nonexistant).

I know everyone will be all WTF on me, but I hope he stays. Aside from Nelson, he is the most important thread keeping this team together.

With his past behind him, Adonal looks toward the future, wherever it may be....

by Zorgon on May 19, 2007 4:45 PM PDT 0 recs

lol.

You live in backwards opinion land.

"I make love to pressure." -Stephen Jackson

by coma on May 19, 2007 5:38 PM PDT up 0 recs

zorgon speaks the truth

i agree with you, zorgon. you make good points. gsom takes many shots at ownership, but fails to acknowledge the cohan mea culpa in re-hiring nelson. i don't wish anyone ill in regards to the IRS. but, hey, i pay my taxes, rich people should too.

by eshock on May 19, 2007 6:57 PM PDT up 0 recs

Credit Mullin and Higgins for the Nellie Hire

I'll give that one to Mullin and Higgins. Nellie came back to work with his friends, not for the NBA's worst owner. Cohan just signed the paycheck. Even a blind squirrel finds a nut after 13 years.

by Atma Brother ONE on May 19, 2007 7:40 PM PDT up 0 recs

obviously nellie did not come back to hang with

the co-man. but, let's be real. whoever signs a check has the last say on who's name appears on it. i just give it up to ownership that they gave us a great season, finally. i hope we can build on this and keep the guys that fit the nellie philosophy even if he's in hawaii sooner than any of us want to see.

by eshock on May 19, 2007 8:25 PM PDT up 0 recs

but remember...

Nellie got a million for making it to the playoffs, if rumors were true. Cohan I'm sure had to sign off on that bonus which I thought was smart.

I think Cohan is happy to pay that with all the exposure the dubs got. at least he should be commended for listening to Mullin and Higgins.

J.cob -greatest accomplishment: coming up with the Golden State of Mind name.

by jdotcob on May 20, 2007 3:28 AM PDT up 0 recs

what the hell

is cohan wearing? his whole fit defines his legacy with the warriors and their free agent signings: Cheap and stingy

by dj fuzzylogic on May 19, 2007 5:22 PM PDT 0 recs

weeee

That blazer is bossy dipped in saucy and you know it.

"I make love to pressure." -Stephen Jackson

by coma on May 19, 2007 5:38 PM PDT up 0 recs

all-over prints

gone wild. the stripes with polka dots are too much! when old man suits are starting to go with all-over prints, you know its becoming outta style (cohan has been outta style since 95)

by dj fuzzylogic on May 19, 2007 8:21 PM PDT up 0 recs

rofl

rofl yeah. i didn't say shizzy about the tie. lmao.

"I make love to pressure." -Stephen Jackson

by coma on May 19, 2007 8:47 PM PDT up 0 recs

Actually

I want that suit.

With his past behind him, Adonal looks toward the future, wherever it may be....

by Zorgon on May 19, 2007 9:55 PM PDT up 0 recs

Is it just me...

or does he look like a little boy waiting to see the dentist in that picture.

by olympicmike on May 19, 2007 5:52 PM PDT 0 recs

its the first time in a decade....

that finally i see this guy in a pic, where was him in the playoffs? he seems that he doesnt have any carisma whatsoever,hes not a cuban guy or like this guy who was owner in philly who enjoy every game with the sixers(sorry i cant remember the name),at least mueller(its that the name of the past GSW owner?) was in game 3 vs dallas.

Quoted Text

by goldenberto on May 19, 2007 7:07 PM PDT 0 recs

I could be wrong but...

it looks like this is much ado about nothing. The article points out he already settled two of the abusive tax shelter cases with the IRS. His tax lawyers are probably the best in the business and will negotiate some kind of settlement for the remaining case. All the while, he probably saved and earned millions more off those investments. It's a little surprising that someone so cautious and shrewd was involved in something that appears to be outside the realm of reasonable practices - but of course you have one of the BALCO writers blowing this up.

Cohan is a pro at being in court - any kind of court (tax or civil). Unless he's hard up for big-time cash (the Warrior franchise), no way he sells not after waiting it out for 13 years and finally being a winner. That's why he forced his hand to buy the team in the first place when CWebb and Nellie brought on 50 plus wins and an exciting season to only see it going down in flames after Cohan sided with the wrong person... twice! Cohan wanted to be a part of the excitement ,then and now.

I'm also a little surprised- but I shouldn't be - that GSoM folks have long memories and are not letting Cohan off the hook as a result of the present thrilling success. But give the man his due, he swallowed his pride and agreed to bring back Nellie. That's easier said than done for someone you once sued and for incredibly rich persons who usually get there way.

Kirk

by kirkkazas on May 19, 2007 9:50 PM PDT 0 recs

Agreed

Although they don't have very long memories concerning Mullin.

With his past behind him, Adonal looks toward the future, wherever it may be....

by Zorgon on May 19, 2007 10:00 PM PDT up 0 recs

um

If Cohan is willing to pay the luxury tax so we can keep this team intact and resign Barnes then I'll want him here. But I think Larry Ellison would be more willing to do that.

And Cohan probably won't lose the team. 160 mil is what he uses as toilet paper.

by DaAzNJRiCh on May 20, 2007 12:21 AM PDT 0 recs

A Point Missed (like our freethrows)

Cohan is smart enough to have hired Robert Rowell to run the team. He is a hands-off owner, which generally is good (Al Davis you say) if not sexy. Here is what Marcus Thompson II said about Rowell:

http://www.contracostatimes.com/search/ci_5916950

As other's commented, unless Cohan needs cash, why would he sell the franchise when it's worth is just beginng to rise? And he was at the playoffs, which incidently I heard grossed out at about $1.5 million per home game. He has lots of reasons NOT to sell the team and as far as I can tell, might even becoming a BELIEVER.

I say give him an extension (lol).

by commish on May 20, 2007 7:46 AM PDT 0 recs