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View Full Version : NBA approves Golden State Warriors sale



asandhu23
11-12-2010, 04:39 PM
(11-12) 11:34 PST Chicago -- The sale of the Golden State Warriors to a group led by Joe Lacob and Peter Guber has been completed following unanimous approval from the NBA's Board of Governors, the league announced Friday.

"We are delighted to welcome Joe Lacob and Peter Guber as majority owners of the Warriors," NBA Commissioner David Stern said in a news release. "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."

The NBA's official announcement came about an hour after Guber broke the news of the transaction on his Twitter account, @PeterGuber: "Closed purchase just now of the Golden State Warriors with NBA owners' unanimous approval."

"This announcement has been much-anticipated," Lacob said in a Warriors news release. "Now that the process is officially complete, I am incredibly anxious and excited to take the helm of the Golden State Warriors organization.

"It's a great day for me and my family, and a great day for Warriors fans. The unmatched passion of this Bay Area fan base played a huge role in my pursuit of this dream come true, and I'm looking forward to a tremendous ride on our journey to the return to greatness.

"We will work extremely hard to represent you as the championship organization that you deserve, and the team that you will be proud to be a part of."

Guber also was quoted.

"This is a tremendous opportunity for new ownership, the Warriors franchise and its great fans," Guber said. "I'm convinced that we have formed a passionate and well-diversified group. With the financial and intellectual commitment of the board members and investors, and Warriors fans as the truly key partners in this endeavor, we will not fail.

"We all understand that in sports business, it's about winning, but we will also strive to make sure that the Warriors are recognized among our industry leaders in innovation and business practices. Joe and I have assembled a group of highly successful and well-respected individuals, each of whom will provide expertise in various aspects of our business. This will be an extremely strong, productive and creative partnership."

Guber's office at Mandalay Entertainment, where he is the CEO, directed calls for direct comment to the Warriors. Lacob, who is traveling with team, did not immediately return cell phone or e-mail messages.

The approval came nearly four months after Lacob and Guber agreed to purchase the Warriors for a record $450 million in mid-July. Lacob, a venture capitalist from the Bay Area, had hoped to assume control of the Warriors before the season opener at the end of October.

Lacob has been credited with playing a part in the turnaround of the Boston Celtics, with whom he was a minority owner. Acting as the front man of the new Warriors' ownership group, he has already put his fingerprints on the franchise by conferring on the sign-and-trade for David Lee, the signing of free agent Jeremy Lin and the ousting of coach Don Nelson.

Former owner Chris Cohan purchased the Warriors in October 1994 from Jim Fitzgerald and Dan Finnane for about $119 million. The team made the playoffs only once during Cohan's 16-year tenure. Cohan announced in late March that he planned to sell the franchise, and Lacob won the bidding process over heavy favorite Larry Ellison of Oracle and new Warriors minority owners, 24 Hour Fitness founder Mark Mastrov, and David Bonderman, a founding partner of TPG Capital.


Read more: http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2010/11/12/SPIL1GB9HF.DTL#ixzz156QHwp1Z



:D Cohan Era is officially over!!!!!!!