Marcus Thompson II with the story.
The NBA announced Friday morning that the sale of the Golden State Warriors franchise has been completed following unanimous approval by the NBA Board of Governors.
Joseph Lacob, a Menlo Park venture capitalist, and Peter Guber, CEO of Mandalay Entertainment, take over as principle owners of the Warriors. Back on July 15, the team announced that owner Chris Cohan had agreed to sell the franchise to the pair for $450 million.
“We are delighted to welcome Joe Lacob and Peter Guber as majority owners of the Warriors,” NBA commissioner David Stern said in a statement. “Their commitment to the community, strong ownership group and business acumen will benefit the Warriors and their passionate fans both on and off the court.”
Lacob and Guber had pretty much been operating the franchise since the purchase was first announced, but it’s nice for Warriors fans to have it in stone. They no longer have to worry about the fates conspiring to somehow botch the sale and give Cohan back control.
How far can Golden State rise under what appears to be competent management? And how quickly can they do it?