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Tuesday, May 22, 2012

Golden State Warriors Owners Confirm Plan to Move to San Francisco

Posted By on Tue, May 22, 2012 at 11:44 AM

No telling ho many of Wilt's 20,000 conquests occured in the 'Sco. - NBA.COM
  • No telling ho many of Wilt's 20,000 conquests occured in the 'Sco.
When Golden State Warriors brass told Oakland that the city was "still in the running," they might as well have said, "I do still want to be with you, I just think it would be best for both of us to see other people for a little bit, so we can grow as individuals before committing to each other."

Meanwhile, of course, they were telling Red's Java House's owner how much they were looking forward to being neighbors on the pier.

And then yesterday, boom: "Let there be no doubt," said Warriors owner Joe Lacob! Renderings unveiled! "Legacy project," said Mayor Ed Lee!

It official: late yesterday Lacob and Co. confirmed that the Warriors are moving to San Francisco for the 2017-18 season.

The team executives said that the $500 million waterfront arena will be privately financed. It'll take around $100 million just to make Piers 30-32 capable of housing a state-of-the-art sports complex. For comparison's sake, Lacob and co-owners Peter Gruber bought the team for $450 million in July 2010. The Mayor said that the team will not use any money from the city's general fund nor from any new taxes. The team, the Chronicle noted, does hope to get rent credits.

The 13-acre complex would include 100,000 square feet of restaurants and shops. Lacob and Gruber have also expressed interest in purchasing the port-owned parking lot across the street. They did note, however, that there are more than 6,000 parking spaces within walking distance of Piers 30-32.

In addition to gaining the swag of boasting a state-of-the-art arena in San Francisco, the ownership pair see their investment paying off through two primary channels.

First, it would likely become the region's primary venue for many non-basketball events, like conventions, concerts, and circuses. So when Jay-Z and Kanye embark on their Keep Watching the Throne tour in 2018, maybe their Bay Area stop won't be San Jose's the HP Pavilion. Because the team owners would own this arena (unlike Oracle, which is owned by Oakland city and Alameda County), they'd generate revenue from these events.

Second, the owners think it will help the team draw elite free agents. "The scarcest resource is the talent," Gruber said, according to the Chronicle. "If there is a not a world-class venue, that is a factor."

They hope to begin construction within two years. They will officially announce the move at a press conference today.

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