July 15, 2010
Galatioto Sports Partners Secure Purchase Agreement
The following announcement was released by Galatioto Sports Partners today:
NEW YORK, July, 15, 2010 -- Galatioto Sports Partners, the leading sports advisory firm in North America, is pleased to announce the signing of a Purchase Agreement for the sale of the Golden State Warriors to an investor group led by Kleiner Perkins Caufield & Byers Managing Partner Joe Lacob and Mandalay Entertainment Group Chairman Peter Guber. The sale price is $450 million, a record price for a NBA team. The sale is subject to final closing and NBA approval.
“I am incredibly excited to have the opportunity to be the next steward of this storied NBA franchise. This is my dream come true,” said Joe Lacob, managing partner with Kleiner Perkins Caufield & Byers. “Peter and I intend to do what we do best-- innovating and building. It is our passion to return the Warriors to greatness and build nothing short of a championship organization that will make all of us in the Bay Area proud.”
“I look forward and appreciate the opportunity to help make the future of the Golden State Warriors franchise become an even greater story to tell,” said Peter Guber, Mandalay Entertainment Group Chairman.
The Warriors were advised in the sale by Galatioto Sports Partners and represented by the law firm of Covington & Burling LLP, and the buyers were advised by Game Plan LLC and represented by the law firm of Katten Muchin Rosenman LLP.
“The sale process was extremely competitive and the price reflects the Warriors’ exceptional fan base, the outstanding demographics of the Bay Area, the high level of interest in the team and the strength of the NBA,” said Sal Galatioto, President of Galatioto Sports Partners.
“As I conclude my tenure as owner of the Warriors, I wanted to take this opportunity to express my sincerest gratitude, and to personally say thank you to the ‘best fans in all of sports,’” said Warriors Owner Christopher Cohan. “It’s a phrase that is too often utilized by players, coaches, executives and owners in all sports leagues, but I can say without reservation and with unbridled conviction that Warriors fans have earned the sole right of that honor and distinction. Thank you for making Golden State Warriors basketball the incredible fan experience that it has become.”
Joe Lacob, Managing Partner, Kleiner Perkins Caufield & Byers
Joe Lacob is a Managing Partner with Kleiner Perkins Caufield & Byers, the world’s leading venture capital firm. Since 1987, Lacob has been closely involved with KPCB's investments in over 50 life science companies, including the start-up or incubation of a dozen ventures with KPCB's medical technology practice, which includes over 30 therapeutic and diagnostic medical device companies. Joe is also an active investing partner in KPCB's Internet company initiative; he led the firm's investment in AutoTrader.com and Sportsline. Most recently, Joe has focused on energy investments as part of KPCB’s growing initiative in the fields of Greentech and alternative energy. Investments include SunDrop Fuels, a solar-based fuels company and an incubation in novel geothermal energy.
Lacob’s interest and experience in sports goes back two decades. In the 1990’s, he was the earliest institutional investor and helped build Sportsline, one of the pioneers in sports on the internet. Most recently, as part of the new Boston Celtics ownership group led by Wyc Grousbeck, Lacob earned a championship ring in 2008 when the Celtics won their 17th NBA title. In his position, Lacob served on the Celtic’s basketball committee that led their late decade turnaround. Lacob also was a primary investor and pioneer of women’s professional basketball, known as the American Basketball League (ABL). Lacob has been involved with Stanford basketball for over 25 years and is a fixture in his courtside seats at Maples Pavilion.
Lacob currently serves on the Board of Directors of two public companies, Align Technology and Orexigen, as well as several other privately-held companies including Ophthonix, NeuroPace, TherOx, Arresto Biosciences and TransMedics.
Lacob is actively involved in industry organizations including the American Heart Association and the AHA Roundtable. He is also very involved at Stanford University, serving on advisory boards at the Medical Center, Business School and Athletic Department.
Joe received his Bachelor's in Biological Sciences from the University of California at Irvine, his Master's in Public Health from UCLA and his M.B.A. from the Stanford Graduate School of Business.
Most importantly for Warriors fans, Lacob has supported his local franchise the last decade by being a season ticket holder.
Peter Guber, Mandalay Entertainment Group Chairman
Peter Guber has been a force in the entertainment industry for over thirty years. As a producer, among the many films he brought to the screen are Rain Man, Batman, Flashdance, The Color Purple and Midnight Express. He has been Studio Chief at Columbia Pictures, Co-founder of Casablanca Record & FilmWorks, CEO of PolyGram and Chairman of the Board and CEO of Sony Pictures Entertainment.
In 1995, Guber and his partner Paul Schaeffer, who will also be an owner of the team, founded the Mandalay Entertainment Group, which over the years has financed, produced and distributed numerous motion pictures including Donnie Brasco, Enemy at the Gates, The Score, Seven Years in Tibet, Sleepy Hollow, television series and high-profile television movies. He also took a strategic ownership position in Dick Clark Productions whose media assets included the Golden Globes and The American Music Awards.
Mandalay Sports Entertainment has become a national sports entertainment provider, owning and/or managing professional baseball franchises, sports marketing and venue management. Guber is a full professor at the UCLA School of Theater, Film and Television. He speaks professionally at numerous global events, is a weekly on-camera entertainment and media analyst for Fox Business News, and the creator and co-host of the national TV shows, Shootout, and In the House for Starz/Encore and KNBC.
Guber currently authored his third book TELL to WIN – Connect, Persuade and Triumph With the Hidden Power of Story, due out from Crown in March 2011, and the cover article for the Harvard Business Review and op-ed pieces for numerous papers including the New York Times and the San Francisco Chronicle and Huffington Post.