Warriors are sold & Cohan screws fans one final time

It’s official!!!

The Warriors were sold and not to Larry Ellison.  More on this below.

The new owners are a group that is led by Joe Lacob, a minority owner of the Celtics of which he will have to sell.  The other leader of the group will be Mandalay Entertainment CEO Peter Guber.

The price they paid was $450 million, which is a new record.  The previous highest price was $401 million which was back in 2004 when the Phoenix Suns were sold.

This is all speculation at this point but according to Larry Ellison’s statement he was the highest bidder.  Cohan was able to get one final ”f— you” to the Warrior fans even after he praised them for being the best fans in the NBA.

As I conclude my tenure as owner of the Warriors, I wanted to take this opportunity to express my sincerest gratitude, and to personally say thank you to the ‘best fans in all of sports,’” said Warriors Owner Christopher Cohan.  “It’s a phrase that is too often utilized by players, coaches, executives and owners in all sports leagues, but I can say without reservation and unbridled conviction that Warriors fans have earned the sole right of that honor and distinction.  Thank you for making Golden State Warriors basketball the incredible fan experience that it has become.

In Larry Ellison statement that he released he said that he was the highest bidder but Cohan sold to someone else.

Larry Ellison Confirms he is Not Buying Golden State Warriors

• Larry Ellison confirmed today he is not purchasing the Golden State Warriors.
• Despite Ellison making the highest monetary bid, current owner Chris Cohan has selected a different offer.

“Although I was the highest bidder, Chris Cohan decided to sell to someone else.  In my experience this is a bit unusual.  Nonetheless, I wish the Warriors and their fans nothing but success under their new ownership,” said Larry Ellison.

Sal Galatioto, who was in charge of selling the franchise, did say that Ellison did have the higher bid but since Galatioto had already come to an agreement with the Guber-Lacob group they didn’t feel comfortable going after the higher bid.

There is a chance, a small chance, that the owners could not approve of the sale and Ellison could still have a chance.  From the owner’s and David Stern’s prospective they would rather have it sold to Larry Ellison because that would increase the value of the NBA and each franchise.