According to CNBC, Larry Ellison did not win the bid to buy the Warriors. Instead, Joe Lacob, managing partner at private equity firm Kleiner Perkins, and Peter Guber, chairman of Mandalay Entertainment have bought the team for $450 million.
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.
Ellison looked to be the top candidate to buy the Warriors, but was unwilling to match the $450 million bid placed by Lacob and Guber.
And if you are thinking about the possibility of the team moving, Tim Kawakami points this out:
Lacob lives in the Bay Area. I don’t know much about him, but there’s little incentive for him to move the Warriors.
Lacob is expected to handle the primary roles of the ownership while Guber serves as a secondary role.