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Blog Entry

Report: Warriors sold to Lacob and Guber

Posted on: July 15, 2010 1:39 pm
Edited on: July 15, 2010 1:42 pm
 
Posted by Royce Young

Both Darren Rovell of CNBC.com and Matt Steinmetz of CSNBayArea.com are reporting that the Golden State Warriors have been sold to Joe Lacob, managing partner at private equity firm Kleiner Perkins, and Peter Guber, chairman of Mandalay Entertainment.

Oracle CEO Larry Ellison, who was thought to be the front-runner, obviously didn't win the bid. As to why, Rovell tweets : "When u r worth $28 BIL, what's another couple MIL? Think he miscalculated." Yeah, evidently.

The new owners aren't entirely new to the team ownership game. Lacob bought a share of the Celtics in 2006 and Guber's Mandalay Entertainment owns and operates multiple minor league baseball teams, including two affiliates of the New York Yankees

The team was reportedly sold for $450 million, topping the previous NBA high of $401 million, which is what Robert Sarver paid for the Phoenix Suns in 2004.

Chris Cohan bought  the franchise in 1995 for $119 million and as of December of last year was valued at $315 million by Forbes.

As San Jose Mercury columnist Tim Kawakami puts it , if Lacob and Guber keep the current front office, they're an immediate failure. Hard to disagree there. The Warriors are one of the most intriguing franchises because of the unwavering passion of the fanbase and consistent revenue the team generates. But for whatever reason, through hapless ownership and front office management, the team has been a massive failure over the last 15 years, save for one shining moment in the 2007 playoffs against the Mavericks.

Since now former owner Cohan bought the team 16 years ago, the Warriors have yielded the second worst record in that span, second to only the Clippers. So clearly the price wasn't about the on-court performance of the team. It's about the product and the overall franchise is in good shape with the city, the arena and the fanbase. There's really no reason the Warriors shouldn't be better. And now with Cohan out and new owners in, maybe things will turn around.

Category: NBA
Comments

Since: Jun 25, 2007
Posted on: July 15, 2010 3:38 pm
 

Report: Warriors sold to Lacob and Guber

I don't think its in the best interest of the league for a owner to own pieces of two franchises. Just my opinion. Cohan screwed Warrior fans on the way out but not selling the team to Ellison. Forget about burning Lebron uniforms. Warriors fans should be burning Cohan and Rowell photos until the end of time. By far the worst ownership group in the history of professional sports. Also there's no need to fire anybody this season. Its to close to the start of the season. Let Nellie finish this year. Evaluate Riley in the spring and go from there. No need in ripping the team apart now. It not like there going to win a championship.  Plus Nellie wasn't the reason why the Warriors have had 2 losing season in a row.




Since: Oct 9, 2006
Posted on: July 15, 2010 2:53 pm
 

Report: Warriors sold to Lacob and Guber

Borntowin, you hit the nail on the head.  It would have been nice to see Cohan get a pittance for the Warriors, considering the way he ran the organization.  It would have been nice to have Ellison, who's local, come in and make the Warriors relevant.  Now, I don't believe the new ownership will move the Warriors, but considering the curse of this franchise...ANYTHING is possible.  We as Warrior fans should not expect anything more or less.

Cohan, may the IRS take every single cent from the sale of OUR team!




Since: Jun 18, 2009
Posted on: July 15, 2010 2:26 pm
 

Report: Warriors sold to Lacob and Guber

i had wished both parties would pull their bids off the table and force Cohan to take 280 million for the team he's the one in trouble....and the freeagent mkt is done why the urgent rush to buy?

 And we reward him for 16 of the worst years of basketball ownership ive have ever witnessed. And then he sells the team to a out of stater one last dagger in warrior fans hearts.





Since: Mar 29, 2007
Posted on: July 15, 2010 2:23 pm
 

Report: Warriors sold to Lacob and Guber

Could this be the team that moves to Vegas? Talks are that they have a team set to move, I thought it'd be the Hornets but maybe not. 



Since: Aug 21, 2006
Posted on: July 15, 2010 2:21 pm
 

Report: Warriors sold to Lacob and Guber

First order of business:  Fire Nelson!

How he has kept a job in the NBA this long is amazing.  Yes, he's won a ton of games but that is only because teams keep hiring him for some reason!



Since: Feb 19, 2007
Posted on: July 15, 2010 2:04 pm
 

Report: Warriors sold to Lacob and Guber

I wish it was Ellison, but as long as Cohan is gone, I'm happy...I hope the new owners clean house.


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