OAKLAND, California (AFP) – The NBA board of governors unanimously approved the sale of the Golden State Warriors to a group led by former Celtics minority owner Joe Lacob and movie producer Peter Guber. The expected announcement allows the Warriors' new owners to take formal control of the club from Chris Cohan, who presided over 15 lackluster Warriors seasons.
The GSW Sports LLC ownership group includes six board members and multiple investors who paid a record 450 million dollars for the Warriors.
They reached an agreement with Cohan in July getting the nod over billionaire Larry Ellison.
"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," said Lacob, a venture capitalist and a former Warriors season ticket holder.
Fans are hoping the departure of Cohan will signal a change in the franchise's fortunes. The Warriors have made the NBA playoffs just once in the last 16 seasons, but their popularity and attendance has remained strong.
The Warriors are 6-3 after a defeat in Chicago on Thursday. It's their best start to a season since they opened 7-2 in 1994-95.
Cohan sold to Lacob and Guber despite an apparently larger offer from Ellison, the CEO of Oracle.
The purchase price surpassed Robert Sarver's 401 million-dollar purchase of the Phoenix Suns as the biggest sale in NBA history.
