Chris Cohan Rumors
The sale of the Golden State Warriors franchise has been approved by the NBA Board of Governors, according to a source with knowledge of the proceedings. The official announcement is expected Friday. 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.
The takeover of Lacob and Guber, along with the minority owners they have since lined up, comes more than a month after they initially hoped it would. Lacob, who will operate as CEO, had said he was hoping to be approved by the start of training camp. That target date passed, then the group shot for the start of the season. That goal date wasn’t met either.
Tim Kawakami: NBA spokesman confirms Warriors sale expected to be finalized next week. League is ready for approval vote “in next couple of weeks.”
Well, turns out Joe Lacob isn’t going to be the owner of the Warriors by Friday, which was something NBA commissioner David Stern had wanted. Looks like it’s going to be November. Over the past two weeks, all the word was that the completion of the Warriors’ sale was imminent, and that the deal was a lock to go through — and Stern confirmed all of that in a conference call last week. Stern said that he expected the deal would likely be done by today or Friday. He also said at the time there was a “signed contract,” and that “the deal is going to close.”
But the reality of the situation is that the deadline for the deal to be completed is Dec. 31. Here’s Stern’s whole quote from last week’s conference call: “We had hoped that ‑‑ there’s a signed contract, the deal is going to close. There are all kinds of related agreements that have to be executed in connection with it, and there are some details ‑‑ final details being worked out. So we had hoped that it would have closed by Wednesday. That would have required us to get the vote out today (Oct. 22). It’s probably not going to happen. We haven’t gotten the final word on a couple of documents. So it’s going to go out sometime next week, and it’ll likely close by Friday of next week.” Doesn’t look like that’s going to happen. I touched base with Lacob before Wednesday’s game, and he declined comment. But he indicated the sale was unlikely to happen by Friday, but everything was on track. And there’s no reason to believe it isn’t. Just going to take a little while longer.
But every source agrees Lacob’s financing is in place, and he will own the team no later than the first week of November. Lacob declined comment when contacted by CSNBayArea.com on Monday morning.
The Chris Cohan era is almost over. According to multiple sources, the group led by Joe Lacob is on the verge of becoming the next owner of the Golden State Warriors — it’s only a matter of how quickly it happens. Lacob is not expected to get the vote he was seeking during the Oct. 20-21 meeting of the NBA’s Board of Governors. And it’s going to be tight as to whether he officially takes over by the season-opener on Oct. 27.
When Chris Cohan, the owner of the Golden State Warriors since 1995, put the team up for sale in March, he had a price in mind. That figure — $450 million — was met Thursday morning when dark-horse candidate Joseph Lacob, a part owner of the Boston Celtics, emerged as the majority owner of the team. Perhaps the bigger news was that Lacob’s group, which includes Mandalay Entertainment CEO Peter Guber, had beaten out heavy favorite Larry Ellison, the billionaire CEO of Oracle, which has the naming rights to the Warriors’ home court, the Oracle Arena in Oakland. “We’re all about winning,” said Lacob, a managing partner with Menlo Park-based venture capital firm Kleiner Perkins Caufield & Byers. “We think it’s a very good opportunity as a business enterprise and the (financial) potential is there. But this is all about winning. We’re going to change the course of the franchise.”
Oracle CEO Larry Ellison will not be the next owner of the Golden State Warriors. A potential deal between Ellison’s consortium, which includes the current Warriors’ minority ownership group, fell through, according to a source close to the negotiations. “Although I was the highest bidder, Chris Cohan decided to sell to someone else. In my experience this is a bit unusual. Nonetheless, I wish the Warriors and their fans nothing but success under their new ownership,” Ellison said in a statement released Thursday.
Mandalay Entertainment CEO Peter Guber and Menlo Park businessman Joe Lacob have reached an agreement in principle to purchase the Warriors from Chris Cohan for approximately $450 million. Now, take a look at the hierarchy of the Mandalay Group, and you’ll see an interesting name near the top: Jon Spoelstra, vice chairman of marketing for baseball properties. That would be Erik Spoelstra’s father. Erik Spoelstra is currently the head coach of the Miami Heat, but there have been indications that president Pat Riley is interested in moving to the bench – particularly after Miami signed LeBron James and Chris Bosh and re-signed Dwyane Wade recently.
The NBA is returning south of the border when the Los Angeles Clippers play the San Antonio Spurs in an Oct. 12 preseason game in Mexico City. It will be the league’s 17th visit to Mexico City and 19th game in the country, the most matchups in any country outside the United States and Canada.
A source with knowledge of the purchase said that Joseph Lacob will definitely be the primary owner. Guber will be in a secondary role. Very fast thoughts on Chris Cohan agreeing to sell the Warriors for a reported $450M to Joseph Lacob and Peter Guber… and not to Larry Ellison: * Unless something bizarre happens, the Warriors will remain in the Bay Area. There’s no indication that this group would spend all this money to move the team away from one of the richest, best markets in sports–particularly a market that has supported the W’s so well through constant losing.
The Golden State Warriors have been sold by Chris Cohan – well, his 80% share anyway – to Joe Lacob and Peter Gruber for $450 million. That price is a record sale for a NBA team, beating the $401 million price tag Robert Sarver paid for the Phoenix Suns in 2004. Cohan bought the team for $119 million in 1995. The sale still will need to be approved by the NBA Board of Governors, but that’s expected to be merely a formality.
The impending sale of the Warriors continued to drag on Wednesday because owner Chris Cohan was trying to get $420 million to $450 million for the team, according to two sources. Multiple sources confirmed to Bay Area News Group that Cohan has offers that would result in the most expensive franchise sale in NBA history. The record price for an NBA franchise is $401 million, set by Robert Sarver’s purchase of the Phoenix Suns in 2004. According to one source with knowledge of the negotiations, Cohan is trying to get a bidder to hit at least $450 million. Another source confirmed that figure is in the ballpark. “That has been his low number from the beginning,” the first source said of the $450 million.
Sources who made time to talk continued to assure that Ellison, the Oracle Corp. CEO, will be the winning bidder. However, current owner Chris Cohan, according to sources, has two offers that will make the franchise’s overall value more than $400 million. Ellison is looking to buy 80 percent of the team, leaving incumbent minority owners Michael Marks, Jim Davidson, John Thompson and Fred Harman in place. Mandalay Entertainment Group Chairman Peter Guber reportedly remains a viable suitor for 100 percent of the franchise, but sources said his group could be used only to boost Ellison’s bid.
Billionaire software titan Larry Ellison is close to acquiring the Warriors from the team’s current owner, Chris Cohan, sources close to the negotiations said Tuesday night. According to those sources, Ellison, CEO of Oracle Corp., outbid 24-Hour Fitness founder Mark Mastrov, among others. If the current deal is completed, Ellison would control 80 percent of the franchise, and incumbent minority owners Michael Marks, Jim Davidson, John Thompson and Fred Harman would retain their stakes.
Source: Even during sales process, Cohan has total control of W’s franchise and the bidding groups had no input on this deal. All Cohan.
Biedrins and Ellis represent the heftiest contracts remaining on the Warriors’ books since they got rid of Corey Maggette’s albatross of a contact Tuesday. Riley, however, reiterated that he hasn’t been given a directive to cut costs by selling owner Chris Cohan. “We’re not looking to shop most of our players, but we’ve got to look around,” Riley said. “We will do that diligently, and we will not accept trades for the sake of trades. … “We have two more contracts of a sizable nature. If I can’t get something of value that relates to what we’re doing, then I’m not having a fire sale.”
When it comes to the pending Warriors’ sale, we know for sure that Oracle CEO Larry Ellison and 24 Hour Fitness founder Mark Mastrov are very much in the mix. We now know of another player: Peter Guber, CEO of Mandalay Entertainment. According to multiple sources familiar with the situation, Guber and representatives of Mandalay toured Oracle Arena on Wednesday to get a firsthand look at where the team plays.