Let the Bidding Begin at … $450 Million?
By Marcus Thompson
Wednesday, July 14th, 2010 at 4:49 pm in Uncategorized.
Practically the entire Bay Area waits to see what comes of the negotiations going on right now for the purchase of the Golden State Warriors. But the process is being held up. The so-called imminent sale keeps getting held off. Why?
Perhaps it is because no one has hit the number owner Chris Cohan has in his head: $450 million.
According to a source with knowledge of the negotiations, Cohan, at this point, will not take lower than $450 million. No one has hit that mark yet, so the impasse has set in. Cohan and his hired guns are trying to at least get his minimum, and the potential suitors trying to sell for less.
Will Cohan take his team and go home or eventually come down off his minimum price?
Will the bidders cave and give Cohan what he wants or will they take their offers and go home?
Matt Steinmetz from CSN Bay Area is reporting there is a bid above $400 million on the table, but Cohan wants more. When I check that through a source, the response was “Duh?” So it looks like Cohan can sell the Warriors for a record price, but he wants to shatter the record.
That’s where we are right now. Not sure how long we’ll be there.
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July 14th, 2010 at 4:52 pm
$425 Max!!!
July 14th, 2010 at 4:53 pm
Like I said before, I won’t believe it’s official till I hear it from the new owner’s mouth. Cohan is just a greedy pig and probably won’t even sell the team since he baited people into buying discounted season tickets already. What a loser.
July 14th, 2010 at 4:55 pm
Honestly I hope Ellison and any other buyer just walk away from that loser Cohan. Then when the NBA lockout comes, offer him $250 million and no more.
July 14th, 2010 at 4:58 pm
I hope Ellison hangs in there. Sounds like Cohan wants to play some hard ball.
July 14th, 2010 at 5:04 pm
If Cohan doesn’t sell, he better not show his face in the Oracle Arena ever again.
July 14th, 2010 at 5:06 pm
#5 Pointman
Has Cohan EVER shown his face at Oracle Arena in the past decade or so? lol
July 14th, 2010 at 5:09 pm
Man, this sucks hard. Ellison is obviously the best owner for the fans and for the league. But I can totally see Ellison chafing at getting jacked around by Cohan at the 11th hour. As much as I hate Cohan and would understand Ellison walking away fromt he table, I hope he sticks it out and does in fact overpay a bit if necessary. Cohan bought for $119M and will get over $400M, in a few decades when the next owner sells for over $1B, a few million will probably look silly.
July 14th, 2010 at 5:10 pm
OK now’s the time to call David Stern in and tell Cohan it’s time to sell. You got the bid everyone wanted and you exceeded expectations in being able to drive the price up to 400. It’s time to give the highest bidder his franchise; otherwise the bidding would just have been a farce. Why didn’t he start off by saying he wanted 450? because no one would have taken him up on it. Now that he’s close, he’s got a taste for more. Ellison won’t bite. Laban or whatever his name is won’t either. They both know he’s just going for a cashgrab now.
July 14th, 2010 at 5:21 pm
If Cohan backs out of this sale I am going to get all the season ticket holders like myself to put the ticket amount in escrow and refuse to give him his money until he sells
July 14th, 2010 at 5:22 pm
I was a W’s fan before Cohan. Back to the TMC days. Cohan takes over, trades Webber; let’s Nelson rip him off once; hires the worst GM’s, coaches, and free agents. Over 16 years he’s let every promising player leave after they’ve been developed (Arenas/Jrich/Randolph/Morrow to name a few). Over pays inferior talented players (Dun Jr/Murphy/Fischer). Now he’s displaying his greed and holding up a record deal for more coin. Plus the reports are that he’s turned down offers in the past. I can only speak for me, but this is it for me a W’s fan if he doesn’t sale this time. Hopefully the bidders won’t pull out as I’d probably do were I a billionaire, and willing to pay a good price, while someone was trying to play me. I hope for the best, and that the sale goes through, but I’ve had it with the Cohan regime and all of the stupidity and incompetence.
July 14th, 2010 at 5:23 pm
I’m not giving this team one dime until Cohan sells. I suggest the rest of the Bay Area do the same if it wants to see some quality basketball played at Oracle. I mean this is absurd. Man buys team. Team experiences record levels of failure. Team experiences a little bit of success and people get really excited. Man (and his lackeys and sycophants) completely destroy team once again, which begins to fail miserably. Man is offered record breaking price for team, but refuses to sell, holding out for more.
Seriously, Cohan, what exactly have you done to merit the extra $50 million over the current bid? Hope David Stern steps in and smacks him upside the head, and soonish.
July 14th, 2010 at 5:27 pm
that son of a b*tch…why did i have a feeling something crazy was going to happen
July 14th, 2010 at 5:34 pm
$450M for his 80%? That means $563M for the whole pie!?
At this point, I’d rather see Cohan not getting his money and end up filing for bankrupcy or IRS put him to jail.
I don’t care anymore now.
July 14th, 2010 at 5:37 pm
Ellison & Lacob should pull out until November or December when Cohan will be desperate to sell the team before 2010 so as to take advantage of the lower capital gains rate.
July 14th, 2010 at 5:47 pm
The darkest hour is just before the dawn. Welcome to the darkest hour.
July 14th, 2010 at 5:47 pm
lol@ “Duh?”
July 14th, 2010 at 5:48 pm
Fuck you Cohan.
Ellison is offering you over 400 mil for your horrible franchise. But you have to be greedy and demand even more cash. I secretly hope Ellison’s drops out of the sales and leaves you left looking stupid.
July 14th, 2010 at 5:54 pm
Cohan, you asshole.
July 14th, 2010 at 5:55 pm
Hahaha…1 of the worst franchises over the last 15 years being sold for a record amount…once that amount is set the owner backs out and asks for more…It’s a cruel irony but the loyalty of the fans is holding back the sale of this team…The only leverage Cohan has is fan loyalty
July 14th, 2010 at 5:58 pm
Cohan is the most rotten, greediest, evilest bastard of an owner in the history of pro sports, certainly the NBA.
You got a record offer. Take your money and leave, jerkwad.
If Cohan holds out for more than Ellison’s offer, Ellison should sic the IRS on Cohan. As it stands, Cohan is not only going to get out of debt, but he may actually profit for ruining Bay Area hoops fans’ lives for the last 16 years.
July 14th, 2010 at 5:59 pm
unfortunately, we the fans have to ultimately accept that we are the source of Cohan’s delusions of grandeur, and that sucks.
on paper, Cohan bought a company, ran it horribly, put out an inconsistent product that ranged from flawed to horrible, became the low standard in his industry, and now wants to sell said company for 3 times what he paid for it. in any other industry, this would be laughable, and he would have paid for his failures with enormous loss of revenue as his product sat on shelves and in warehouses, unconsumed, spoiling.
only problem is, we kept consuming his product at an inconceivable rate, a rate completely disconnected from the quality of the product, a rate that has led him to believe that his company still has value beyond imagine, that his product, in spite of its standing as the lowest in his industry, is bulletproof.
the Warriors are cigarettes, and they now cost $8 a pack despite the fact that for the last 15 years they’ve had a huge message on the side from the surgeon general warning us that they could kill us, and we keep smoking away.
July 14th, 2010 at 6:04 pm
To the very end I hate this guy!!!
July 14th, 2010 at 6:08 pm
Typical. What do you expect from someone who sues everyone he’s ever done business with? That litigious jerk will keep screwing warriors fans for a 100 years.
July 14th, 2010 at 6:16 pm
That motherfucker
July 14th, 2010 at 6:20 pm
Who is Ellison going to bid against??? Himself??? Mastrov doesn’t have the money to compete. Cohan is ridiculous. It’s either Ellison’s offer or no offer because there will be no other offer for this decrepit piece of property. The question is does Cohan really want to sell. Ellison doesn’t have to back out, his offer stands without competition and is probably more generous than what this pathetic franchise is worth.
July 14th, 2010 at 6:21 pm
I hope IRS makes Cohen fork over the 160 million dollars in back taxes ASAP to force a sell!
Isn’t the government in debt?
Cohen, you are joke asking for $450 million. What have you done to make your horrid franchise worth it? Failed ownership years making a couple of playoff appearances! Zero championships! How can you justified $450 million for that!
July 14th, 2010 at 6:21 pm
Isn’t Ellison the kind of guy who would get ticked off if someone jerks him around?
And do what?
July 14th, 2010 at 6:25 pm
I think I know why Mike Dunleavy Sr was here. He’s interviewing with Cohan/Rowell for next year’s head coaching position.
July 14th, 2010 at 6:36 pm
Cohen is Nucking Futs!
July 14th, 2010 at 6:40 pm
I say boycott all home games and force Cohan to sell for a discount! Ellison, don’t give that mother fucker shit, hang in there and offer that bitch well below $300 million when he gets desperate! I’ll do my part and boycott Cohan until he sells!!!!
July 14th, 2010 at 6:44 pm
Larry Ellison will not pay nearly half a billion for a terrible team like the Warriors. Every other team that fetched that type of cash came with an arena. Larry is a shrewd businessman, I don’t see anyone willing to pay $450 million for a team who was nearly at the bottom of the league last season.
July 14th, 2010 at 7:00 pm
Derek, said it best. If Cohan doesn’t sell and we keep buying tickets, we fans deserve what we get. Why don’t we ever get it, we hold the leverage with our ticket sales. Don’t go to Warrior games and you will see Cohan sell. But don’t worry, with Capital Gains taxes raising after 2010, Cohan knows this and he needs to sell before end of 2010 and the closer it gets to the end of 2010 the less leverage he has. I put my money on Ellison and his negotiating skills. If there is no sale, than Cohan never had any intention of selling.
July 14th, 2010 at 7:02 pm
Relax, people. It’s all about negotiating position. Larry Ellison, of all people, knows this, and so do Cohan’s fancy-pants advisors. Leaks to the media this week are undoubtedly part of their strategy, and Steinmetz is their most obvious tool, falling for every bit of it. Marcus, on the other hand, has done a nice job of taking it with a grain of salt.
On a related subject, I object to the obscene postings on this blog and wonder how in the world the Bay Area News Group can allow this trash to appear on line. It demeans our dialogue and demeans Marcus. Can someone in your web department get a clue?
July 14th, 2010 at 7:09 pm
OMG another typical cohan move. if i were ellison i would laugh in his face and just walk out. also give up paying for the oracle arena name.
July 14th, 2010 at 7:25 pm
waaa waaa someone said a bad word…marcus! marcus! someone said a naughty word! no one is being demeaned, who cares? gimme a break…
July 14th, 2010 at 7:28 pm
I know the bids are binding, but can they still back out? I hope all the bidders pullout and leave Cohan high and dry. Afterwards, I want all the season ticket holders to protest outside Oracle and then cancel their tickets.
July 14th, 2010 at 7:30 pm
Cohan is just an utter loser that needs to be by himself for a long, long time.
July 14th, 2010 at 7:36 pm
Man, why isn’t there a fan revolution against Cohan already?!
STOP buying tickets people until the new owner’s signatures’ ink dries!
July 14th, 2010 at 7:37 pm
If Cohan doesnt sale all the Warriors fan should boycott the entire season I mean zero fans at games , but knowing most of you Warrior fans are not intrested in winning and thus will call me unloyal Warrior fan, at this point i dont give a rats ass if Cohan doesnt sale this team Iam never going or buying any Warriors merchandise ever again, so please lets all boycott next season if cohan is still owner if you guys have the courage to do it.
July 14th, 2010 at 7:49 pm
agree with everything MWLX said…
July 14th, 2010 at 7:51 pm
So has anyone set up a “Cohan sell to Ellison” facebook page or anything? Or a billboard movement? Or something? The fans have to be heard…
July 14th, 2010 at 7:51 pm
Seriously, how does this tool expect so much right before a lockout? If they all walked away, he’d be so screwed when no revenue is coming in and the IRS sends him to prison.
I am betting he needs 450 mil because when you subtract the Galatioto 15% (don’t know their take) and factor the time value of money, Cohan is going to look real dumb when it turns out he should have taken Ellison’s money 3-4 years ago.
Greedy rich ignoramus!
July 14th, 2010 at 8:06 pm
Larry Ellison is no dummy! He should take his good faith bid for the Warriors and reduce it by $1M each day it takes for Cohan to come to his senses!!!
July 14th, 2010 at 8:08 pm
Let’s see. Ellison lives in the Bay Area. He’s a basketball fan. The next closest franchise is in Sacramento and those boys aren’t sellING, they’vE got their eyes on Las Vegas. No one is getting the Lakers. So, Cohan wants another $50M. Ellison is worth $28 billion so that $50M is 0.2% of Ellison’s net worth. It doesn’t even matter. Cohan has him by the Cohanies!!! Will Ellison decide not to be taken out of pride? If these guys ever had any pride they wouldn’t be godzillionaires? He’ll tell the auctioneer to bang that gavel down: SOLD!!!!!
July 14th, 2010 at 8:16 pm
Where does Cohan live?
July 14th, 2010 at 8:21 pm
I think Jeff said it best when he said, “That motherfucker.” Even without punctuation I can get a true sense of the utter disgust. You can’t get any more to the point than that.
I’m a huge Warrior fan, but if Cohan doesn’t sell, I will not go to the games. That is the only way to get this miserly greedy grinch to let go of this franchise; you have to kick him in the wallet.
If it’s true, I can’t believe the greedy SOB is holding out on a record offer. Wait, yes I can. Is Cohan really spiteful and selfish enough to screw the fans one more time on his way out?
David Stern and the Owners’ Association should have spent more time vetting Cohan’s personality, financial ability and background. Once he and the Clippers owner are gone, I’ll bet there will never be another owner like this ever again.
July 14th, 2010 at 8:38 pm
If Cohan doesn’t sell, people need to stop buying tickets to the game. That is the only way to send a message. What incentive is there to sell when moronic fans keeping shelling out money for a last place team?
July 14th, 2010 at 8:45 pm
couldn’t Ellison just buy the Kings move them to San Jose (For a couple of seasons) then to a new arena in San Francisco and then just run the value of the Warriors to the ground. If I was him, I’d aim to do that just to kick Cohan in his U.terus
July 14th, 2010 at 8:46 pm
I am wondering what the details are though. Could it be that Ellison’s bid wasn’t the highest and Cohan is simply waiting for Ellison to beat the highest bid?
Or, Cohan is just a motherfucker.
July 14th, 2010 at 8:53 pm
Is anyone really surprised at this? I mean, come on, this is the organization that ran Mullin out because they weren’t getting credit for the “We Believe” run into the playoffs.
I mean, come on, Chrissy (as in hissy) Cohan has got to be the only owner so inept that he even screws up a record high sale for a franchise by then asking for even more money.
When the sale is complete, I hope that he continues to use the same accountants that got him in trouble with the IRS in the first place. Maybe then, he’ll finally know what it is like to be a Warriors fan by ending up in prison for 16 years.
July 14th, 2010 at 9:01 pm
The bidders should all just walk away and let the IRS throw greedy Cohan in jail.
July 14th, 2010 at 9:05 pm
I get that the Bay Area is a top market and all, but in this economy and with the Bobcats having sold for 175 million, holding out when you have a record deal is obscene.
The worst possible scenario is going to be Lacob spending everything he has to get the team, putting the organization in dire straights from the get go.
I am so tired of NBA player egos and “star” driven crap and Stern’s BS and this happens ON THE EVE OF A LOCKOUT!?!?!? Advice for Cohan: run, hide, and never show your face in the Bay Area again.
July 14th, 2010 at 9:14 pm
“Motherfucker” pretty much sums up the last 15 years since that douchebag Cohan took over the team. I hope Larry Ellison gets the team and then continuously flys his Gulfstream jet over Cohans house every fucking morning at 4am.
July 14th, 2010 at 9:31 pm
just buy it you rich asshole
what is a few more mil
July 14th, 2010 at 9:44 pm
Cohan just sell the team you asshole!
July 14th, 2010 at 10:02 pm
It’s official. Cohan is now the most despised owner in sports. The man has overcome all obstacles to claw his way to the top, the pinnacle of fan hatred. How’s it feel to be the most hated guy in the Bay Area Chris?
July 14th, 2010 at 10:04 pm
Don’t be worried. Cohan has to sell, he knows it. He’s trying to bluff.
July 14th, 2010 at 10:08 pm
Cohan is by far the worst owner in the Bay area, oh wait Al Davis is still around.
Anyway Cohan has done dumb things and will continue to do dumb things so we may never have a sale.
July 14th, 2010 at 10:17 pm
Someone needs to donkey punch Chris Cohan.
July 14th, 2010 at 10:27 pm
He sued to get the team. Cat’s been a bee-utch since the get go really, anybody who expected anything else hasn’t been paying attention.
Rewarding Cohan for his years of incompetence seems insane.
As much as I hate to write it let the jerk sink with the albatross around his neck then.
He certainly doesn’t deserve hundreds of millions for being such a consistent loser; even his kids boo him at home!
July 14th, 2010 at 11:18 pm
The only thing that this owner responds to is the prospect of losing money. Don’t buy season tickets unless the team is sold. If Cohan retains ownership, threaten advertisers with a boycott if they sponsor the Warriors in any way; don’t watch or listen to games; don’t purchase any Warrior gear. Let the franchise die on the vine until Cohan has to sell.
July 14th, 2010 at 11:36 pm
Cohan is a greedy bastard.
I too hope now Ellison doesn’t fork out the money Cohan wants.
If Cohan keeps the team, I hope to God NOBODY goes to watch any of the games.
July 15th, 2010 at 12:11 am
It is so typical of the disaster that is Chris Cohan would go out this way.Trying to milk record money for a franchise he did his best to destroy. This incompetent boob doesn’t deserve record money for what he did to a once proud and now a laughingstock franchise for 17 years.
We fans feel like we have been in a very dark hole for almost two decades now and of course Cohan ridiculous greed just drags this on.
If there is a sports hell, then this guy will burn.
He and his stupid minions have been a complete
embarrassment to the bay area.
As they say good riddance to bad rubbish.
July 15th, 2010 at 2:05 am
so the chronicle is reporting the other bidder is guber. i have made false promises before but not this time, if peter guber is the new owner i am out! i will make a big public fuss as i leave.
people wanting david stern to help out ellison by making a call, better be careful what they wish for. i don’t know if ellison has a personal relationship with stern, but be assured guber and stern are buds.
oh i fear this is all going to go down the worst possible way…..
July 15th, 2010 at 6:23 am
mwlx 23
amen regarding the language and quality…but watcha’ gonna’ do as the fox runs the hen house. fans are anxious and that is their only means of expressing themselves…cut ‘em some slack on this one.
anything the media writes as you said is surely purposely leaked and totally disregarded by ellison…he will not over pay nor will be bid against himself…he did not become ellison by accident!!
July 15th, 2010 at 8:35 am
Does Cohan and his handlers really think they can bully Ellison at this game? Ellison handles multi billion dollar mergers. Cohan is a cockroach to him! I just hope Ellison gives the roach enough to scurry away
July 15th, 2010 at 9:47 am
At least no one’s talking about losing Anthony Morrow for nothing and Raja Bell being cheaper than Dorell Wright anymore…
July 15th, 2010 at 9:58 pm
we got rid of cohan finally, i did not watch at the oracle for the past 4 yrs, we got rid of the dumbest owner stupi as.. fu.kin pig and worst owner in nba history, i hope that the new owner will be like george steinbrenner the owner of yankee savvy and winner attitude so we can win championships. peace