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Bidders lineup for Warriors
Source: Agencies |
March 24, 2010, Wednesday
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THE Golden State Warriors basketball team said on Monday it is for sale, beginning a process that could attract a record price and interest from overseas bidders, and from Silicon Valley billionaire executive Larry Ellison.
The National Basketball Association team said it has hired Galatioto Sports Partners to conduct the sale, but declined further comment.
Galatioto Sports Partners President Sal Galatioto had no comment; but speculation has swirled for several months that Warriors owner Christopher Cohan might sell the team.
Cohan bought the Warriors in 1995, and in 2004 sold a 20 percent stake for an undisclosed amount to a group of four investors. Bankers and analysts who follow the sports industry said the Warriors could fetch a record price and draw interest from buyers overseas, including Asia. The Phoenix Suns were purchased in 2004 for a league-record US$401 million.
"If a bidding war erupts, we could see this deal exceeding US$400 million," said Marc Ganis, president of sports consulting firm Sportscorp Ltd. "Because of the potential size of the (Bay area) market it plays in, this is a team that has a lot of upside potential."
However, a sports banker, who asked not to be identified discussing an ongoing sale, said concerns that could dampen bidding include a possible work stoppage next year and the league's financial struggles.
"There's an opportunity to get a basketball team at a reasonable price, but there's a lot of risk," said the banker, who figured the team could attract bids of US$350 million to US$400 million. "The NBA needs some fixing."
Ellison is likely to have interest. The brash, 65-year-old chief executive officer of Oracle Corp said at a company meeting in January that he was interested in the California-based team.
"I'm trying. I'm trying. Unfortunately, you cannot have a hostile takeover in basketball," Ellison said when asked by a fan whether he would buy the Warriors, which play home games at Oracle Arena.
The National Basketball Association team said it has hired Galatioto Sports Partners to conduct the sale, but declined further comment.
Galatioto Sports Partners President Sal Galatioto had no comment; but speculation has swirled for several months that Warriors owner Christopher Cohan might sell the team.
Cohan bought the Warriors in 1995, and in 2004 sold a 20 percent stake for an undisclosed amount to a group of four investors. Bankers and analysts who follow the sports industry said the Warriors could fetch a record price and draw interest from buyers overseas, including Asia. The Phoenix Suns were purchased in 2004 for a league-record US$401 million.
"If a bidding war erupts, we could see this deal exceeding US$400 million," said Marc Ganis, president of sports consulting firm Sportscorp Ltd. "Because of the potential size of the (Bay area) market it plays in, this is a team that has a lot of upside potential."
However, a sports banker, who asked not to be identified discussing an ongoing sale, said concerns that could dampen bidding include a possible work stoppage next year and the league's financial struggles.
"There's an opportunity to get a basketball team at a reasonable price, but there's a lot of risk," said the banker, who figured the team could attract bids of US$350 million to US$400 million. "The NBA needs some fixing."
Ellison is likely to have interest. The brash, 65-year-old chief executive officer of Oracle Corp said at a company meeting in January that he was interested in the California-based team.
"I'm trying. I'm trying. Unfortunately, you cannot have a hostile takeover in basketball," Ellison said when asked by a fan whether he would buy the Warriors, which play home games at Oracle Arena.
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