The Warriors announced this morning that they have hired a sports advisory firm to aid in owner Christopher Cohan's sale of the team - and Oracle owner Larry Ellison appears to be the early favorite to land the franchise.
For Sale By Owner: Warriors, Struggling NBA Franchise
Reports first surfaced in July that Cohan was in talks with Ellison to sell the franchise. The team denied the story at the time, but basically confirmed that a sale was imminent with today’s announcement.
Ellison and Oracle already have ties to the Warriors. The company owns the naming rights to the team’s arena in Oakland, dubbed Oracle Arena.
Ellison told financial analysts in late January he was trying to buy the team but said, “unfortunately you can’t have a hostile takeover of a basketball team.”
If Ellison buys Golden State, some expect Jerry West to step in and run the franchise.
The Warriors reportedly are valued at $315 million. Michael Jordan bought the Bobcats recently for a reported $300 million.
Cohan owns 80% of the team, which he purchased in 1995. The other 20% is owned by a four-person group. The team has reached the playoffs just twice during Cohan’s ownership.
For more on this story as it develops, head to Golden State of Mind.
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