OAKLAND, Calif., July 15 (UPI) -- A majority interest in the Golden State Warriors was sold to an investment group for an NBA record $450 million, a statement released by the team said Thursday.
The group is led by venture capitalist Joe Lacob and movie mogul Peter Gruber, chairman of the Mandalay Entertainment Group, and was chosen over Oracle software founder Larry Ellison.
The San Francisco Chronicle said Ellison responded to the announcement by stating via Twitter that he had submitted a higher bid than the Lacob-Gruber offer.
The sale includes an 80-percent stake in the team currently held by Chris Cohan.
The written statement provided by the consulting firm Galatioto Sports Partners described Gruber as co-founder of a company the bankrolls major films and either owns or operated a portfolio of minor league baseball teams. Lacob is a longtime Warriors and Stanford basketball season ticket holder and member of the Boston Celtics basketball committee.
"This is my dream come true," Lacob, managing partner of Kleiner Perkins Caufield and Byers, said in the statement. "Peter and I intend to do what we do best -- innovating and building. It is our passion to return the Warriors to greatness."
