Warriors

Warriors

The Warriors will officially open the doors at Chase Center in September.

The inaugural event -- a joint performance by Metallica and the San Francisco Symphony -- is slated for Sept. 6. The first basketball game will be an exhibition contest between the Warriors and Lakers on Oct. 5.

The plan is for the arena to host about 200 events annually, which means the Warriors are going to be making a lot of money year-round. 

Speaking of money, the building is still under construction and the franchise has already secured an unprecedented amount of revenue.

Rick Welts, the Warriors' President and COO, was a guest on Bloomberg's "Business of Sports Podcast" and was asked the following question: "The new revenue streams that you have -- be it VIP experiences, tickets sales, sponsorships -- where do you guys stand right now?"

"In a really good place," Welts answered to laughter. "We'll be opening the building with something like $2 billion in contractually-obligated income, which I think for an arena or stadium, at least up to this point, will be a record.

"Perfect storm, perfect market, perfect time. The Bay Area is on fire. Couldn't be a better economic time, couldn't be a better basketball team and couldn't be a better city to be building an arena."

Welts revealed that the $2 billion is more than double what the team originally projected.

 

Perhaps this is why CEO and owner Joe Lacob told Tim Kawakami of The Athletic back in February that the Warriors "can do whatever we want (financially). And you should expect that that’s not going to be a reason this team … doesn’t stay great going forward. We have the capital to pay our players what they deserve. And we will."

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It's not all good news, however. Welts said that the project is about 30 percent over budget, which means the total cost is around $1.3 billion.

"And then we say, 'Joe, just go back and look at those championship rings in your office and you'll feel much better about the whole thing," Welts jokingly said.

According to Forbes' most recent valuations, the Warriors are worth an estimated $3.5 billion.

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