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Warriors are finally sold, but not to Larry Ellison

New Warriors Logo.jpg

UPDATE 4:05 pm: Tim Kawakam of the San Jose Mercury News got this statement from Larry Ellison:

“Although I was the highest bidder, Chris Cohan decided to sell to someone else.”

Could still be some fireworks to come.

Also, look for Lacob to be the active owner, the guy running the team.

2:15 pm: According to Darren Rovell of CNBC, the Golden State Warriors sale is finally complete. Only it’s been sold to someone who’s not Larry Ellison -- Joe Lacob and Peter Guber, to be precise -- and for even more than expected. The Warriors sale is now the biggest in NBA history, as Lacob and Guber will pay $450 million to run the team. Rovell notes that the team was valued at just $315 million in December, and I’d posit that the $115 million bump is solely because Golden State drafted Ekpe Udoh. The man is simply worth his weight in gold.

The jury’s still out on Lacob and Guber’s ownership styles, and it’s also unknown if both will take on a hands-on approach or if they’ll just cut the checks. Still, it’s tough to make things worse than the status quo. Having the ownership change hands is likely to make the Warriors a better franchise, even if Lacob and Guber aren’t the best owners out there.