Golden State Warriors owner Chris Cohan reached an agreement to sell the NBA team for a record $450 million to Boston Celtics minority partner Joe Lacob and Mandalay Entertainment CEO Peter Guber Thursday. “This is my dream come true,” said Lacob, who is also the managing partner with Kleiner Perkins Caufield and amp; Byers. “Peter and I intend to do what we do best – innovating and building. It is our passion to return the Warriors to greatness.” 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.” 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 sale process was extremely competitive and the price reflects the Warriors' exceptional fan base, the outstanding demographics of the Bay Area, the high level of interest in the team and the strength of the NBA,” said Sal Galatioto, president of Galatioto Sports Partners. 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. Cohan bought the Warriors in January 1995 for about $119 million and made the playoffs just once in his entire tenure.
