OAKLAND, Calif. — Golden State Warriors owner Chris Cohan reached an agreement Thursday to sell the franchise for a record US$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 three other finalists, including Oracle CEO Larry Ellison, who had been considered the favourite 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.
Sal Galatioto, the president of Galatioto Sports Partners, which advised Cohan on the sale, said there was a handshake agreement with Lacob and Guber agreed to about two weeks ago. The team had four offers of at least $400 million at the time of the deadline.
While the two sides worked out the details, Ellison came back with what Galatioto described as a “marginally higher” offer just hours before the signing.
The bid from Lacob and Guber broke the record for the largest sale in league history, topping the $401 million Robert Sarver paid to buy the Phoenix Suns in 2004.
The deal still needs to be approved by three-quarters of the NBA Board of Governors. Lacob also must sell his interest in the Celtics. Galatioto said he expects the deal to be finalized by the end of September.
Lacob, who has been a season-ticket holder for the Warriors, was part of the ownership group with the Celtics when they won their 17th championship two years ago. He has also been involved in sports websites, was the primary investor in the women’s American Basketball League along in venture capital.
Guber is a producer who helped bring movies such as Rain Man, Batman, Flashdance, and The Color Purple to the screen. In 1995, he founded the Mandalay Entertainment Group with partner Paul Schaeffer, who will also be an owner of the team. Mandalay has financed, produced and distributed numerous motion pictures including Donnie Brasco, Enemy at the Gates, and Seven Years in Tibet.
Miller in Miami
MIAMI — By the time next season’s NBA playoffs arrive, nine years will have passed since Mike Miller last enjoyed a post-season victory.
He’s coming to Miami to change that.
Miller signed his long-awaited five-year contract with the Heat on Thursday, becoming the latest player to take less money than he could have made elsewhere to play for Miami. LeBron James, Dwyane Wade, Chris Bosh and Udonis Haslem all did the same in recent days, all with eyes on winning a championship.
“It’s official!” Miller wrote on Twitter, thanking the Heat, owner Micky Arison and team president Pat Riley for making it happen.
Miller talked with at least four other teams after that, but in the end, nothing was going to change his mind about coming to the Heat. he signed a contract, worth around US$25 million.
Miller shot a career-best 48 per cent from three-point range last season with Washington, with career averages of 13.7 points and 5.1 rebounds.