Chris Cohan Reportedly Looking To Sell 80% Stake In Warriors
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Economic Recession Could Thwart
Cohan's Attempt To Sell Warriors |
Warriors Owner Chris Cohan is "seriously considering selling his 80% stake in the franchise in the next year or two," according to sources cited by Tim Kawakami of the SAN JOSE MERCURY NEWS. One source said that it is "'highly likely' that Cohan will sell most or all of his controlling interest in the team, possibly pulling back only if the current recession unexpectedly continues through 2011 and Cohan can’t get the price he wants." The sources did not give specific reasons for Cohan's potential sale, noting that he has "spoiled soon-to-sell speculation several times in the past." But one source pointed to Cohan's "long-running battle with the IRS and another theorized that Cohan has wearied of the criticism he receives for the team’s run of disappointment." Warriors investors Michael Marks, Jim Davidson, John Thompson and Fred Harman, who acquired 20% of the franchise from Cohan in '04, "do not hold an option to purchase control if Cohan should sell, but potentially would be in the conversation for future ownership." Kawakami noted Oracle CEO Larry Ellison and Producer George Lucas have been "speculated, at various times, as potential candidates to purchase the Warriors" (MERCURYNEWS.com, 7/3). Two Warriors sources said that they "hadn't heard anything new regarding the situation," while President Robert Rowell was unavailable for comment (SFGATE.com, 7/3).
THE GOLDEN RULE: In Oakland, Monte Poole noted the Warriors are having a "devil of a time ... selling their organization to the NBA's most desirable free agents." The Warriors are finding it "exceedingly difficult to overcome their culture of erratic ownership, instability in the front office and capricious coaching." That is the "league-wide perception and they do more than enough to foster it." The Warriors this offseason are "finding none of the league's better players showing even the slightest bit of interest" (OAKLAND TRIBUNE, 7/5).
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