OAKLAND, Calif. -- The Golden State Warriors have been sold to an investor group led by Joseph Lacob for a record price of $450 million.
Chris Cohan, who had owned the team since 1995, accepted the bid from Galatioto Sports Partners, a leading sports advisory firm in North America. Mandalay Entertainment group chairman Peter Guber was also part of the buying group.
"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, managing partner with Kleiner Perkins Caufield & Byers and part-owner of the Boston Celtics during their 2008 championship run. "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."
The sale price exceeds the $401 million Robert Sarver needed to buy the Phoenix Suns back in 2004.
The deal still must be approved by the NBA and its board of governors.
The Warriors were a disappointing 26-56 last season, finishing with the third worst record in the Western Conference.