Posted by Royce Young
If you didn't see, the Warriors were sold today to Joe Lacob, managing partner at private equity firm Kleiner Perkins, and Peter Guber, chairman of Mandalay Entertainment. Most thought super-billionaire and Oracle CEO Larry Ellison was the favorite to win the bid.
So when the reports came out today that Guber and Lacob were awarded the team, most, including me, wondered why Ellison didn't win. He had the money to beat the $450 million the team reportedly sold for (Ellison is worth an estimated $28 billion - that's billion with a "b"), so either he low-balled for some reason or just mis-estimated his bid.
Actually, it was neither of those. San Joe Mercury columnist Tim Kawakami fills us in : "Whoa. Ellison statement: 'Although I was the highest bidder, Chris Cohan decided to sell to someone else.'"
So Chris Cohan, the owner every Warrior fan basically loathes and is considered by many to be maybe the worst owner in the NBA, doesn't sell the team to the highest bidder. Not only that, but he doesn't sell the team to the guy most everyone agrees will be a great owner not just for Golden State, but the entire league. Instead, he takes less to sell it to Guber and Lacob.
Obviously, it's Cohan's perogative to sell to who he wishes. But taking less money? Was he trying to get at Ellison for some reason? What could possibly be the reasoning here?
But as most Warriors fans would tell you, they found themselves asking that last question a lot under Cohan. So this likely doesn't come as much of a surprise.