Aug 25, 2010
Break open your piggy banks, the Golden State Warriors are looking for investors.
Joe Lacob and Peter Gruber, who bought the team last July, are looking for additional investors according to Lacob’s spokeswoman, Cheryl Heinonen.
According to the Sports Business Journal/San Francisco Business Times Lacob and Guber will finance about one-third of the $450 million dollars they paid for the team.
The sale included the group putting up $300 million in equity, with another $150 million outstanding. $108 of that $150 million would be covered via the NBA’s credit facility, with the group relying on investors and other lenders to cover the remaining $42 million.
The sale is expected to close within the next two months.
Lacob and Gruber purchased the team from Chris Cohan, who was a 100% owner until 2004 when he sold 20% of the club to various Bay Area investors.