While the Golden State Warriors may have one of the NBA’s worst records over the last 15 or so years, they have just become the league’s most expensive team.
According to reports coming out of Oakland, an agreement has just been reached between current Warriors owner Chris Cohan and the partnership group of Joe Lacob and Peter Guber for the sale of the franchise for $450 million.
Before today, it appeared that Oracle CEO Larry Ellison had been thought of as the favorite to buy the team. However, he was unwilling to outbid Lacob and Guber.
Lacob, a minority owner of the Boston Celtics and Guber, the CEO of Mandalay Entertainment will pay more for an NBA franchise than anyone has before. The $450 million price tag surpasses the $401 million Robert Sarver needed to acquire the Phoenix Suns back in 2004.
“I am incredibly excited to have the opportunity to be the next step forward of this storied NBA franchise,” said Lacob. “Peter and I intend to return the Warriors to greatness.”
The Warriors finished the 2009-10 season with a 26-56 record missing the playoffs. Golden State’s last appearance in the post-season was in 2007 when the Warriors lost to Utah in the second round.
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