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Wednesday, July 14, 2010

Reports: Larry Ellison's Purchase of Golden State Warriors Imminent

Posted By on Wed, Jul 14, 2010 at 7:40 AM

click to enlarge Have you come to rescue us, Larry Ellison? - ORACLE CORPORATE COMMUNICATIONS
Larry Ellison, the richer-than-Croesus CEO of Oracle and yachting enthusiast, is reportedly in the final stages of purchasing the Golden State Warriors. The move would likely be greeted with glee by fans of the NBA franchise, who hold current owner Chris Cohan in about the same esteem San Franciscans feel for Dick Cheney.

Cohan, who has owned the franchise since 1995 (when he brought in Tom Gugliotta, and ... don't get us started), has been in the process of unloading the Warriors for months. The price Ellison purportedly paid to outbid 24-Hour Fitness' Mark Mastrov and others is uncertain, but his initial bid was $315 million -- and he may have gone to $400 million or more.

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The Warriors have only made the playoffs once during Cohan's long tenure -- and, yes, that's the worst performance in the league during that period. Fans will find fault in the owner's personnel moves, demeanor, and even his sartorial sense.

But they can't argue his business sense -- or, perhaps, luck. The value of the team has tripled since he purchased it. Crowds are large and paraphernalia is selling. And the W's were part of the one-third of National Basketball Association teams to actually make money last year, netting some $12 million.

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About The Author

Joe Eskenazi

Joe Eskenazi

Bio:
Joe Eskenazi was born in San Francisco, raised in the Bay Area, and attended U.C. Berkeley. He never left. "Your humble narrator" was a staff writer and columnist for SF Weekly from 2007 to 2015. He resides in the Excelsior with his wife, 4.3 miles from his birthplace and 5,474 from hers.

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