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Ellison Loses Bid for WarriorsOracle owner says he was the highest bidder.by Adam Murphy on Jul 15, 2010Silicon Valley billionaire Larry Ellison has failed in his bid to purchase the Golden State Warriors. A group fronted by investors Joseph Lacob and Peter Gruber beat out Ellison, purchasing the team for $450 million, it was announced this afternoon. That’s the most money ever paid for an NBA franchise. The immanent purchase of the Warriors by Oracle owner and fierce competitor Ellison, following on the heels of last week’s signing of all-star forward David Lee, seemed too good to be true. And it was. Ellison released a statement after the Warriors were purchased by Lacob and Gruber stating that he in fact made the highest bid for the Warriors. In an interview on KNBR-AM, Sal Galatioto, head of the group that was hired by owner Chris Cohan to sell the franchise, said the late bid by Ellison came after the deadline. Cohan bought the team in 1995 for $119 million. Since then, the team has managed just two winning seasons and one playoff appearance. To some fans, Ellison seemed like the perfect fit as the Warriors new owner—a local guy with deep pockets and a track record of success. Lacob also has local ties—he’s a partner in one of Silicon Valley’s premier venture capital firms, Kleiner Perkins Caufield & Byers. And he has basketball bona fides as well: he’s a a Warriors season-ticket holder and a minority owner in the Boston Celtics (he will now have to sell his share in that team). Gruber is a successful Hollywood executive who created Mandalay Entertainment, a company that is involved in movies, television and sports. by Adam Murphy on Jul 15, 2010 |
 To some fans, Oracle owner Larry Ellison seemed like the perfect fit for the Warriors. After all, his name is already on the building. |
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