Warriors sold for 450 Million NOT Ellison
by cuse7284 on Jul 15, 2010 10:02 AM PDT
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PrintIts not Ellison. its Lacob with the winner. CNBC reports that the warriors have been sold for 450 Million to Jacob Lacob.
http://www.cnbc.com/id/38262946
Joe Lacob, managing director and partner at private equity firm Kleiner Perkins, and Peter Guber, chairman of Mandalay Entertainment, have won the bid for the NBA's Golden State Warriors, a source close to the sale has told CNBC.
The price for the team is $450 million, beating the previous NBA record—$401 million, which was the amount Robert Sarver paid for the Phoenix Suns in 2004.
Lacob and Guber beat out rival bidder Larry Ellison, chief executive officer of Oracle.
The sale was brokered by Galatioto Sports Partners, which has been involved in the recent sale of the Charlotte Bobcats and Chicago Cubs.
The Warriors franchise, which was bought by Chris Cohan in 1995 for $119 million, was valued at $315 million by Forbes in December of last year, but the Warriors' location in the Bay area undoubtedly added more interest and thus a higher price.
Mark Mastrov, founder of 24-Hour Fitness, was also considered a top competitor for the team.
The only formality is for the league’s Board of Governors to approve the new owners. That potentially could come quickly, given the fact that NBA owners are currently having their meetings in Las Vegas this week.
Darren Rovell
CNBC Sports
Business Reporter
The Warriors on-the-court performance obviously didn’t have much bearing on the sale. Since Cohan bought the team 16 years ago, the team has had the second worst record in the league (behind the Los Angeles Clippers) over that time span.
Despite the fact that NBA commissioner David Stern has estimated that the league’s teams will lose $370 million from this past season, and the potential for a work stoppage after next season, the league recently has benefited from attracting the world’s richest to buy its teams. Russia’s richest man Mikhail Prokhorov was approved as owner of the New Jersey Nets in May.
This FanPost is a submission from a member of the mighty Golden State of Mind community. While we're all here to throw up that W, these words do not necessarily reflect the views of the GSoM Crew. Still, chances are the preceding post is Unstoppable Baby!
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Did anyone see the quick post that came on and was deleted about a group in LV that claims they just have an NBA team under contract that they can move to LV.
It came on then deleted…does anyone know what that was about.
by Only In Fairfax on Jul 15, 2010 1:12 PM PDT up reply actions
Not official
“A source close to the sale”
I won’t believe until its for sure.
Curry/Monta/Williams/Morrow/Buike/Maggs/AR/Wright/Goose/Turiaf/Udoh= Wins
dude its over
check out all media outlets. Check out MTII, KNBR, Matt S etc. Its over. Done. This is it
These two
better not be cheapskates.
Once in a while you get shown the light in the strangest of places if you look at it right.
going to cry
haha well its still better than Cohan! Cohan can not even be remembered for selling us to the right guy
Ok lets all breathe deeply
On the surface, DAAAMNNNITT~! however, on the bright side, Cohan is OUT! and more than likley, Rowell as well.
This is good, the thing that scares me now is if these guys DO NOT have bay area roots like Ellison does, will they try to relocate the team in the future?
Stanford Product
booooo, im hating this even more
by bamboobanga on Jul 15, 2010 10:20 AM PDT up reply actions
nah. he went to UCI, then UCLA, then Stanford.
but he was born in Massachusetts & grew up a Celtics fan. hope he doesn’t McHale us & hook the Celtics up like Kevin did with the KG trade.
by the evil monkey on Jul 15, 2010 10:22 AM PDT up reply actions
cohans last act
his greediness screwed us out of ellison.
o well at least he’s gone (a very rich man i should add)
Lets see what their moves are
I sure hope not Dunleavy as coach or GM
C'mon, last minute offer T_T!
http://twitter.com/gswscribe/status/18618116467
probably not gonna happen sigh
the sale could still fail
If they can’t get the money in time.
doubt it
These are two guys Lacob and Guber joining together basically. They’ll pool the money together. I just hope that they have more money than just what’s needed to buy the team. Everyone is disappointed now, but it seems as though Guber and Lacob combined have more sports franchise experience than Ellison. Maybe that is a good factor to consider. However its hard to ignore the amount of personal money Ellison threw in for his America’s cup team.
Well... apparently they wanted the Warriors more than Ellison
that must mean something, right?
not that they wanted them more
but that ellison is a good businessman and will not overpay. They bought the team for over $100 million more than their worth. I know ellison has wanted the team for a while. He just really hate Cohan too hah. The new owners will have a lot to prove. Mainly that they will be willing to spend to get the best.
Sigh...
I can’t get too sad about a new owner. Anything’s better than Cohan. Still…. woulda been nice to have the 6th richest man as an owner…
I told you all not to celebrate prematurely
That’s why I said I wouldn’t get excited until this thing was official. Now we lost out on Ellison. Just another disappointment in Warriors land.
Well...
…us getting excited didn’t actually have any effect on this matter. Unless you’re superstitious, in which case it still didn’t.
I'm not superstitious,
and I’m not blaming anyone. I just told you all not to get your hopes up and celebrate before this thing was done.
by Number22Drew on Jul 15, 2010 11:01 AM PDT up reply actions
damn! At least this dude has deep pockets (apparently)
that does look pretty legit…too bad!
I really thought Larry was going to be a great owner, have no idea who the heck this guy is (although he apparently Produced the first Batman movie, which was clearly the best one).
maybe we can have
Warriors movies now (like mighty ducks and angels in the outfield) haha. Id rather have the 6th richest man in the world with a proven desire to win. That being said, we can not bash on these guys. They spent a lot to get us (way more than the worth) and have been in sports in the past. I will give them the benefit of the doubt, but there is no question, this hurts.
That being said, we can not bash on these guys. They spent a lot to get us (way more than the worth) and have been in sports in the past.
Yeah, if Ellison really wanted the team he has the cash to just do it so this might be a good thing? I mean I’d just have paid whatever it took with Ellison’s money so maybe he really wants to do something else? Maybe now he’ll start a new sonics team to get in a dig on microsoft up in Seattle? or perhaps buy the kings if they want to sell? with his money I’m not worried about his future.
Lights please, lights please, turn off the lights.
by Skeptic con Urquell on Jul 15, 2010 10:59 AM PDT up reply actions
Seriously
im a diehard fan so its different, but, if I had Ellison’s money, I would have paid 500 mill without thinking about it haha. Hes the great business man though, not me.
I would have paid 500 mill without thinking about it haha. Hes the great business man though, not me.
but that’s what you use money for, buy it if you want it and can afford it. Ellison obviously wants to do something else more with the 500 mil than buy the warriors, it’s just a matter of personal priorities.
Lights please, lights please, turn off the lights.
by Skeptic con Urquell on Jul 15, 2010 11:23 AM PDT up reply actions
This is Terrible
On Mad Money they said the new owners don’t have liquidity. Sounds like this sale is all financed, most likely will be run strictly as a money making venture.
dude its Jim Cramer
I remember him saying to dump Netflix since blockbuster would kill them. Plus tons of other cases of him being wrong :)
yeah
i read an article that said he was correct less than 50% of the time when telling people whether to buy or sell. A decision that has only 2 options. Basically a coin flip would do better at predicting than Jim Cramer
by Number22Drew on Jul 15, 2010 10:47 AM PDT up reply actions
thanks anyways
I will tivo the repeat show. Appreciate it
Assuming Larry Ellison's last bid was $400M
I think we should pool together $51M just to get our guy in the owner’s box. I’ll be the first and will pitch in $10. Who’s with me?
you need to chill man
cohan no longer owns the warriors. Its a F ing Holliday! You and I know nothing about this new team. Dont start this negative BS and give them a fair shot
The ever optimistic Warriors fan
Part of being a Warriors fan is eternal optimism for the future. Part of it is uncompromising insecurity about the present. I’ll let you have your holiday. Let me stew in my misery. In the end, they may be great, they may be bad, or more likely they will be somewhere in between. But today, you’re either happy or disappointed. I’ll stick with disappointed.
Rabid optimism turned to cautious, tempered optimism! Why do I hope for great things to happen to us? I will settle for good.
go rowand
by lincypoo i wuv u on Jul 15, 2010 10:49 AM PDT reply actions
Matt Steinmetz
said the sale to Lacob increased the possibly of current management staying intact. You think this means no shot for West, Pritchard, or Van Gundy?
I trust Matt
but this is still total speculation. Rowell NEEDS to go. I think the others do as well, but he atleast needs to get rid of Rowell if not the others.
Ellison is a douche
You guys always assumed Ellison would be like a Steinbrenner, except other than the fact that he’s filthy rich, there’s no track record or anything meaningful to suggest he’d be that kind of owner. Look, he spent more money on one America’s Cup than a NBA franchise. He wouldn’t spend another 50 million (or rather, 80% of 50 million thanks to the 20% minority investors) on a friggin NBA team when 50 million is like 0.something% of his net worth. What makes you think he’d make it rain as an owner anyways? I don’t know if Lacob or Guber are going to be good, but they can’t be worse than Cohan and you guys are all just a bunch of Larry homers. Go buy Oracle stock or something.
Ellison is a competitor
He didn’t buy the team because at that price he felt it would have been viewed that Cohan got the best of him
Really?
And you didn’t stop to think that he’d be annoyed at losing to Lacob and some goober? Isn’t “losing” to Cohan in the short run worth establishing a lasting, successful legacy as the owner of the Warriors? Wouldn’t such a legacy be a giant FU to Cohan’s face? Wouldn’t Larry making millions more than Cohan from fielding a successful team be showing up Cohan big time?
Face it, Larry had the bucks, but clearly not the passion and winning spirit needed to run a winning franchise. He couldn’t even buy the damn team. Get over it people.
Dam
I don’t blame Cohn for this. I blame Ellison. Cohn did what anyone would have done, hold out for the highest amount of $$$. If Ellison wanted the team he could have had it, he could have made the money he overspent in a couple years, but even so the man speant 100 mill+ on A BOAT RACE, come on Larry. You have no one to blame but yourself, an extra 50-100 million is nothing for him. I hope these new owners are good but if they keep the front office in tack, is their any difference at all? Riley can stay but Nellie,Rowell others need to go
While it may not be Ellison.... it is certainly no longer COHAN!!! GTFO!
Finally…. we are……
It’s partytime…… granted its not Ellison…but lets give our new owners a round of applause and benefit of the doubt….they may just prove to be better than Ellison ever would be…. lets give them time…and THEN decide if this is a bad move or not.
If they dont deliver positive changes then it is within the fans power to protest to get Ellison..by not turning up to games…but until them…lets give them a chance.
Now……….. First job…..FIRE ROWELL!!!!!!!!
I will change my Avatar when the Warriors are sold! So sell Cohan!!!
by BritWarriorGSW on Jul 15, 2010 11:05 AM PDT reply actions
I CONCUR
I know that we all have been dissappointed, but we have to let the new owners have a chance and who knows, we might be better off. Just like how the Portland Trailblazers have the richest owner, their team isn’t that successful.
Jae pointed something out to me via IM:
There’s no correlation between owner wealth and winning.
The Lacob-Gruber group has a ton of cash, strong bay area connections, and experience in ownership with a winning franchise.
That’s a good combination.
I Agree
Although Ellison is very very rich we just can’t automatically assume he would have been a great owner. I think it’s very possible that Lacob ends up being at least as good if not better owner that Ellison would have been. Either way, NO MORE COHAN!!!! WOOT WOOT!!!
I hereby change my signature..... the time has come...
No more Cohan….Hurrar!
I will change my Avatar when the Warriors are sold! So sell Cohan!!!
by BritWarriorGSW on Jul 15, 2010 11:19 AM PDT reply actions
I hereby change my signature..... the time has come...
Haha, unless this is a rumor? Anyone actually seen this on network TV yet? I want it confirmed by Obama before I believe it.
Lights please, lights please, turn off the lights.
by Skeptic con Urquell on Jul 15, 2010 11:26 AM PDT reply actions
It's true I tell you.... a white Unicorn delivered the message to waiting press!
:-)
Its a new dawn...its a new day...its a new owner ....for us!!!!! and I'm FEELING GOOD!!!!!!
by BritWarriorGSW on Jul 15, 2010 11:27 AM PDT up reply actions
Cohan....starring in a feature film near you soon....
“Filthy Rich!”
Its a new dawn...its a new day...its a new owner ....for us!!!!! and I'm FEELING GOOD!!!!!!
by BritWarriorGSW on Jul 15, 2010 11:39 AM PDT reply actions
he don't pay no stinkin taxes
Lights please, lights please, turn off the lights.
by Skeptic con Urquell on Jul 15, 2010 5:04 PM PDT up reply actions
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