Monday, March 22, 2010 Updated: March 23, 1:27 PM ET
Warriors hire group to broker sale
OAKLAND, Calif. -- The Golden State Warriors are for sale -- and Oracle Corp. CEO Larry Ellison has already made it well known he wants to buy the team.
The Warriors said Monday that they have hired Galatioto Sports Partners, or GSP, to handle selling the franchise and serve as their exclusive financial adviser throughout the process.
For Sale: NBA Franchise
We know the Golden State Warriors are officially for sale, and Oracle CEO Larry Ellison is the presumptive favorite to buy the team. What else do we know? Marc Stein offers some perspective on the situation. Blog
For the basketball-crazy East Bay, this news couldn't have come soon enough. Fans know what the atmosphere can be for this franchise: electric, just like it was for the team's rare playoff run in 2007.
Supporters still turn out by the thousands for Golden State's games even if the performances have often been rather depressing.
While current owner Chris Cohan hadn't given any indication he planned to put the franchise up for sale right away, there had been thinking that he would listen if a substantial offer was made.
Ellison told financial analysts in late January he was trying to buy the team but said, "unfortunately you can't have a hostile takeover of a basketball team."
Also earlier in January, Ellison sat courtside to watch the Warriors play LeBron James and the Cleveland Cavaliers in the building boasting his company's name -- Oracle Arena.
At the Cavs-Warriors game, one fan in the upper area of the lower level held a sign reading, "Dear Larry Ellison, please buy this team. Thanks, the Warriors fans."
The Warriors said they wouldn't comment further until an agreement or transaction with a buyer is reached.
Oracle CEO Larry Ellison told financial analysts in January he was trying to buy the Warriors.
Cohan clearly decided the timing was finally right to part ways with the Warriors, who were second-to-last in the powerful Western Conference at 19-50 and had lost eight of 10 games heading into Monday night's home matchup against the Phoenix Suns.
Cohan has had financial problems, too. Earlier this month, the Warriors announced across-the-board discounts for season ticket holders for next season.
In 2007, the Internal Revenue Service said Cohan owed more than $160 million in back income taxes and penalties from the 1998 sale of a cable television company.
There are many who believe Golden State has been mismanaged for years and that new leadership is long overdue for a club that has reached the playoffs only once since 1994 -- with the second-round run in 2007.
Last fall, disgruntled swingman Stephen Jackson made it publicly known he wanted out and eventually got his wish in a November trade to Charlotte.
Jackson was a key figure in the Warriors ending their 12-year playoff drought in 2007, just a few months after he arrived in the Bay Area in a trade with the Pacers.
"As you know," Jackson said, "this organization's unpredictable. Very unpredictable."
There was also the strangely timed departure of Chris Mullin last spring. Mullin, the beloved former player turned top executive, apparently had lost his authority months before the team parted ways with him in May.
The constant drama surrounding this organization apparently caused other players to question whether they wanted to play for owner Cohan, including star player Monta Ellis.
The Warriors have shown positive signs in recent years but this season has been rough all around -- from injuries to long losing streaks. The 2008 squad barely missed the postseason despite winning 48 games, most by a non-playoff NBA team in a quarter-century.
Team president Robert Rowell said he's committed to fielding a competitive team. Coach Don Nelson and general manager Larry Riley have hinted their young players will be all the better with a year's more experience.
Early in his tenure as controlling owner, Cohan sued Nelson when he accepted a job with the New York Knicks after leaving Golden State in February 1995.
"It was never bitter," Nelson said after he was hired back in August 2006. "I had some of Chris' money, and he wanted it. [The dispute] ended with that, and it's been a great relationship ever since."