Golden state warriors sell for $450 M

July 19, 2010

In a startling turn, the frontrunner to be the next owner of the Golden State Warriors basketball team, Oracle CEO Larry Ellison has come up short. The new owner will be Joseph Lacob. The Mercury News reports that Lacob, a managing partner with Kleiner Perkins Caufield & Byers, a venture capitalist firm in Menlo Park is also part owner of the Boston Celtics. His Golden State Warriors group includes Peter Guber of Mandalay Entertainment. Guber’s Mandalay Baseball Properties owns a bunch of minor league baseball teams and was reportedly once interested in buying the Oakland Athletics.

There seems to be some controversy over the decision. Ellison has claimed that he submitted a higher bid but his bid may have come too late. “This is my dream come true,” said Lacob, in a statement and he stated that he and Peter Guber are committed to building the team into a championship organization that will “make all of us in the Bay Area proud.”

As now-former owner Chris Cohan hoped it would, the sale price broke the record of $401 million set by the Phoenix Suns sale. Lacob and his group paid $450 million for the Warriors. Cohan bought the team for $120 million in 1995.

Hit the jump to see Jordan take a jab at Lebron’s decision>>>

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Billionaires line up to own the Golden state Warriors

July 1, 2010

The Golden State Warriors basketball team is up for sale and the billionaires are lining up. Who is in the running? There are four main suitors. One group is led by Oracle billionaire Larry Ellison with others who already own a minor share of the team. He has been the front-runner for a long time and many hope that his billions and billionaire acumen will bring the team new glory.

Another contender is led by 24-Hour Fitness founder Mark Mastrov whose group includes Magic Johnson. Mandalay Entertainment chair Peter Guber is also in the running. His Mandalay Baseball Properties owns a bunch of minor league baseball teams and was reportedly once interested in buying the Oakland Athletics. Bay Area News Group says the fourth contestant is David Bonderman. Bonderman, a founding partner of TPG Capital, is a Texas billionaire perhaps most known in the media for having one of the most expensive birthday parties ever. For his 60th birthday he hired the Rolling Stones, John Mellencamp and Robin Williams to perform, spending around $7 million. He has a fortune of around $1.7 billion.

All four groups have had a tour of the Warriors’ facilities and will be preparing their bids. Warriors owner Chris Cohan is rumored to be hoping for at least $400 million and if possible, breaking the $401 million record set when Robert Sarver bought the Phoenix Suns. Cohan bought the team for $120 million in 1995. It is hoped that the deal will be wrapped up this summer, giving the new owners time to set a direction for next season. Die-hard Warriors fans are hoping that the new owners will bring plenty of enthusiasm and cash to revive the floundering franchise.