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Chris Cohan Hires Galatioto Sports Partners To Sell Warriors
Published March 22, 2010
|Warriors Sales Price Could
Surpass $400M Mark
Warriors Owner Chris Cohan has "retained Galatioto Sports Partners to sell the franchise," according to John Lombardo of SPORTSBUSINESS JOURNAL. While the "offering memorandum won't be completed for a few weeks," SportsCorp President Marc Ganis said that the Warriors' price "could surpass the NBA-record $401[M] sale of the Phoenix Suns to Robert Sarver in 2004." Ganis: "It has the potential to go over $400[M] if there is a bidding war. There are enough people in the local market who can put down serious equity." Lombardo notes the "strength of the region's economy also makes the team desirable to potential investors." Inner Circle Sports Founder Rob Tilliss said, "The market has the Silicon Valley belt of wealth, and there will also be some people from the Los Angeles area that want to own a basketball team." The team leases the 19,596-seat Oracle Arena and they are "committed to playing in the arena through the 2016-17 season." Cohan bought the franchise in '95 for $119M and in '04, he sold a 20% stake in the team to a "group of four investors for an undisclosed sum." The Warriors have "just one playoff appearance under Cohan's ownership" (SPORTSBUSINESS JOURNAL, 3/22 issue).
DOLLARS & NONSENSE: In San Jose, Adam Lauridsen noted by waiving G Raja Bell, the Warriors "virtually guarantee that they won't spend more than $5[M] to add talent to the team" this offseason. This "should come as no shock given Cohan's financial moves over the last two years." The "entire reason why the team felt comfortable waiving Bell was because they're unlikely to use all their available money to upgrade the roster -- leaving them free to waste essentially $2-3[M] of bonus cap space." Cohan and company once again "prioritize short term gain over the team's long-term success." The Warriors "like so many times before ... chose the quick buck over the future improvement of the team." Lauridsen wrote as long as Cohan and Warriors President Robert Rowell are "calling the shots, I don't expect this mindset to change, and I don't expect the Warriors to make a serious, intelligent effort at building a winning basketball team" (MERCURYNEWS.com, 3/21).