The name "Larry Ellison" was the subject of every rumor throughout the four-month sales process. But the new owner isn't the Oracle CEO. It's Joe Lacob, a Silicon Valley venture capitalist whose name was rarely mentioned.
Lacob's investment group, which also features entertainment executive Peter Guber, signed a purchase agreement to buy the Oakland NBA team from Chris Cohan for a league record $450 million.
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"We've got to address the on-court situation and try to improve it," said Lacob, a Warriors season-ticket holder who owns a partial stake in the Boston Celtics, which he will have to sell. "Our job is to turn this team into winners. We've talked about a lot of other things, but that is the bottom line."
Lacob hopes to see the Warriors make the same rebound that the Celtics did after he bought into them in 2006. The Celtics were 57-107 in the two seasons before winning the 2008 championship.
"I feel like I understand basketball. It's a tremendous passion of mine," Lacob said. "I tried to bring that to the Celtics. I was in the draft war room each year, and I'd like to think I had something to do with some of the big, bold moves that we made at the right time to get that thing turned around."
Lacob said he wouldn't talk about potential roster or front office moves with the Warriors until the sale is approved by the league - a process that sources believe will move swiftly. Until then, Lacob said, he expects that Cohan will listen to his suggestions.
Lacob "has incredible financial acumen, he lives there and he's a lifelong Warriors fan," said Guber, chairman of Mandalay Entertainment. "He has great familiarity with basketball, he's extremely clever and he understands partnerships."
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