The Golden State Warriors have finally been sold, concluding an arduous negotiation process that sometimes appeared interminable. Would Chris Cohan ever actually sell the Warriors to someone?
After the past few months, it seemed like a fair question.
But on Thursday, we got the answer: Yes he'll sell, just not to the buyer we expected.
While Bay-Area billionaire Larry Ellison was the presumed front-runner to take over the franchise, CNBC's Darren Rovell reports that Joe Lacob, managing partner of a Private Equity firm, and Peter Guber, chairman of Mandalay Entertainment, emerged at the last second to steal away the Warriors.
The pair will pay an NBA-record $450 million for the team, netting Chris Cohan a significant profit after purchasing the Warriors for $119 million. That's probably the only unpleasant aspect of this news to Warriors fans, as Cohan's tenure as owner has been marred by complete disarray, lack of vision, outright apathy on occasion, and most of all, losing. With new ownership, Warriors fans hope that change is on the way, and a bright future lies ahead.