Golden State Warriors owner Chris Cohan reached an agreement Thursday to sell the franchise for a record $450 million to Boston Celtics minority partner Joe Lacob and Mandalay Entertainment CEO Peter Guber.
"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 Lacob, who is also the 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."
Lacob and Guber beat out Oracle CEO Larry Ellison, who had been considered the favorite to buy the team from Cohan. Ellison has a personal fortune of $28 billion, according to an annual survey by Forbes magazine, and is the sixth-richest man in the world.
He had been courted by Warriors fans at a game earlier this year to buy the struggling franchise, which has made the playoffs only once in the past 16 seasons. Ellison said in a statement that he was surprised he did not win because he made the biggest offer.
"Although I was the highest bidder, Chris Cohan decided to sell to someone else," he said. "In my experience this is a bit unusual. Nonetheless, I wish the Warriors and their fans nothing but success under their new ownership."
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