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NBA Formally Approves Sale Of Warriors To Joe Lacob, Peter Guber
Published November 15, 2010
|Guber (l) And Lacob Represent Change
In Atmosphere Around Warriors
The NBA BOG on Friday unanimously approved Chris Cohan's sale of the Warriors to an ownership group led by Joe Lacob and Peter Guber. GSW Sports LLC, a group of six board members and multiple investors headed by Lacob and Guber, have officially assumed full control of the NBA organization. Miami-based Game Plan LLC represented GSW Sports LLC on the sale, while Katten Muchin Rosenman LLP served as legal counsel (Warriors). The NBA formally announced the $450M sale "about an hour after Guber broke the news on his Twitter account" (S.F. CHRONICLE, 11/13). In San Jose, Adam Lauridsen wrote Lacob and Guber "haven’t proved anything to us yet, but they also haven’t failed us yet." The new owners will be "judged on whether they can make this team a winner and run it in a way that respects its fanbase." The Cohan years "should be remembered by the new owners as a laundry list of 'dont's'" (MERCURYNEWS.com, 11/13).
USHERING IN A NEW ERA: The Santa Rosa Press Democrat's Lowell Cohn said Lacob and Guber have the "right attitude" in taking over the team. Cohn said of Cohan, "The ownership that left is worse than the 49ers ownership. It's the worst ownership imaginable in the free world. So at least they got people who fought for the team, who will spend money on the team, and who seem to know about basketball and want to win." Comcast SportsNet's Ann Killion: "These guys have a lot of money and they are all very enthusiastic. ... This is a day of celebration. This is the end officially of the Chris Cohan regime. It was a disaster. It was so terrible. It's over now and it's great." Yahoo Sports' Marc Spears said of Lacob, "He knows what it takes to put a championship team together. I think that Celtics background will certainly help." However, Spears said Lacob "has to live up to the 'Ghost of Ellison' standing over him. Can he live up to what could have been done by one of the richest men in the world?" ("Chronicle Live," Comcast SportsNet Bay Area, 11/12).
WARRIORS 101: CSNBayArea.com's Ray Ratto wrote under the header, "Warriors Ownership Primer For Joe Lacob." A sports team owner's "expertise is not on the production side, because most owners have as their areas of expertise something other than displaying or assembling athletic talent for money." Since reaching an agreement in July to buy the Warriors, Lacob "has been around to see, if not facilitate," a new coach and a "new logo and uniforms." But now that the sale is final and his "name appears on the checks, Lacob has to fight the natural temptation most contemporary owners do -- to vote his stock on things he cannot truly understand." Ratto: "He needs to have the strength to turn the basketball operation over to the basketball department. He needs to find/retain the smart marketing people to market, and the financial people to finance, and the advertising experts to find/create advertising" (CSNBAYAREA.com, 11/12).