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.
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.
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.”
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.