Golden State's new owner could be chosen as soon as today
Lacob joined the Boston Celtics ownership group, prompting Celtics managing partner H. Irving Grousbeck to state: "He has a passion for sports and a distinguished record of success in business, and I know he will be an excellent partner." FYI: The Celtics won the NBA championship in 2008, and they were this year's runners-up to the Lakers.
“I am incredibly excited to have the opportunity to be the next steward of this storied NBA franchise. This is my dream come true,” said Joe Lacob, managing partner with Kleiner Perkins Caufield & Byers. “Peter and I intend to do what we do best– innovating and building. It is our passion to return the Warriors to greatness and build nothing short of a championship organization that will make all of us in the Bay Area proud.”
“I look forward and appreciate the opportunity to help make the future of the Golden State Warriors franchise become an even greater story to tell,” said Peter Guber, Mandalay Entertainment Group Chairman.
FYI: The Celtics won the NBA championship in 2008, and they were this year's runners-up to the Lakers.
GSW fans, you're in good hands with Joe Lacob. My Celtic peeps say he's a great guy + a huge NBA fan. And wants to win. Give him a chance.
"Although I was the highest bidder, Chris Cohan decided to sell to someone else," Ellison said in a statement released by a spokeswoman at his company, Oracle. "In my experience, this is a bit unusual."
None of the parties would comment on specifics of the bidding. But sports consultant Sal Galatioto, who represented Cohan in the negotiations, said Ellison's final bid came too late. Interviewed on the sports radio station KNBR, Galatioto said Ellison's offer may have been "slightly higher" but it came after Galatioto had already negotiated a detailed agreement with Lacob.
"I was in contact with Larry's people throughout. They had ample opportunity to bid, they knew the deadlines," Galatioto said.
Financial experts said it's also possible the two competing offers were structured in different ways. Stanford sports economist Roger Noll said Lacob's group may have offered terms that were more attractive to Cohan, whose complicated finances, including scrapes with tax authorities, are widely believed to have factored in his decision to sell the team. Cohan bought the Warriors in 1995 for $119 million.
"Usually a very big factor driving the structure of a deal is the tax implications for both parties," said Noll, who noted that the announcement did not specify whether the $450 million will be paid in cash upfront or whether some of it will be paid over time.
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