By Marcus Thompson
Friday, May 28th, 2010 at 1:56 pm in Uncategorized.
The field of 11 bidders have been dwindled down to four, and they will be informed that they made it to the final round on Tuesday. I’ve been told Larry Ellison is one of the finalists, and no one I’ve talked to has disputed that. But, of course he is a finalist. He’s Larry Ellison. Another finalist, I’ve learned, is Mark Mastrov, founder of 24-Hour Fitness.
The four final bidders were chosen based on their ability to close quickly, which includes having the finances ready and being approved by the NBA.
So what happens now?
* Over the next three to four weeks, the four finalists will get to dive into the Warriors data. That includes player salaries, naming right’s contracts, media deals, sponsorships, etc. Much of the stuff was outlined in the book they sent out before they accepted bids, but the finalists will have a chance to verify and look deeper. They will also get to interview management and tour the facilities.
* After that, the four finalists will submit binding bids, including a deposit. If one bidder jumps up significantly higher than everyone else, they will win the sweepstakes. If, say, two bids are close, they will get invited to another round.
* Once the winning bidder is identified, a purchase agreement will be signed, and the agreement will go to the NBA Board or approval.
It is feasible, technically, that the new owner can be identified by July 1, when the free agency period. That would be ideal since Golden State needs some renovations to be a legit playoff contender next season. Also, if the in-coming owner wants new management and/or a new head coach, getting an agreement before the free agency period begins, or even early in the period, would allow the Warriors to be in the running for some of the best available candidates while they are on the market.