Warriors sold for record $450 million

Oracle CEO Larry Ellison loses out on the bidding. He'd been the favorite to take over the Oakland, Calif. team

Published July 15, 2010 6:52PM (EDT)

A person with knowledge of the agreement says the Golden State Warriors have been sold for a record $450 million.

The person told The Associated Press on Thursday that Boston Celtics minority partner Joe Lacob and Mandalay Entertainment CEO Peter Guber won the bidding. The person spoke on condition of anonymity because the deal had not been formally announced. CNBC first reported the deal.

Lacob and Guber beat out Oracle CEO Larry Ellison, who had been considered the favorite to buy the team from Chris Cohan. The sale price breaks the record of $401 million set when Robert Sarver bought the Phoenix Suns in 2004.

Lacob is also the managing director and partner at private equity firm Kleiner Perkins.

By Josh Dubow

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