Larry Ellison Loses Bid for Golden State Warriors

15th July 2010

By David Biderman

[Excerpt]

2010_GS_Warriors_Logo After several days of speculation that Oracle Corp. CEO Larry Ellison was near a deal to purchase the NBA’s Golden State Warriors, the negotiations switched speeds Thursday when Mandalay Entertainment Group chairman Peter Guber and Joe Lacob, who had been a minority partner in the Boston Celtics, bought the team for an NBA-record $450 million.

In a statement, Mr. Ellison said he made the highest offer for the team but that current owner Chris Cohan selected the competing bid. “In my experience this is a bit unusual. Nonetheless, I wish the Warriors and their fans nothing but success under their new ownership,” Mr. Ellison said in the release.

One person familiar with the matter said Mr. Ellison didn’t want to bid that high but then submitted a late bid that was above $450 million. The Warriors referred questions to Sal Galatioto, who advised the team on the sale. Mr. Galatioto declined to comment.

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