Who Will Buy the Golden State Warriors?
There’s a new age of ownership headed Oakland’s way, much to the fans’ and local media’s delight. According to the Contra Costa Times, outgoing owner Chris Cohan could end up making himself a tidy, little profit in the sale: “The first name on every one’s tongue is Larry Ellis, the Oracle billionaire who has been linked to the team forever. (One team source told me they are absolutely convinced Ellison will buy the team and is determined to. Was even willing to bet.) But the game has changed a bit, as the Warriors’ confession today has shown. I’ve been told by multiple people that $400 million is actually low in regards to what the Warriors want. Banking on the fact that this is the fifth-largest market and it’s really unknown how big the Warriors could be if they ever win, Cohan is looking at possibly getting upwards of $500 million. Sounds crazy, right? Well, I keep hearing he’s going to at least come close. That would require Ellison upping his price, which I have always heard at $350 or below (though hasn’t made an official offer, the Warriors once contended). That seems ridiculous, considering a few things: the economy; they are 31 games under .500 and up against the cap; they have been the postseason once in 15 years; Forbes just placed the value of the franchise at $315 million back in December, before the Warriors’ season went completely awry; it is known Cohan wants to say, which figures to take leverage away from him; it is going to take a lot of work to turn this thing around (lot of firings and hirings, and buyouts and image building). With that said, there is definitely confidence that Cohan – who bought the team for $119 million in 1995 – will cash out at some fairly surprising number.”