Top earner: Curry (30) drives past Atlanta Hawks forward Jalen Johnson in an NBA game at the Chase Centre. The Golden State Warriors’ dynasty is built around the point guard, who has career earnings of US$470mil. — Imagn Images
SAN FRANCISCO: A minority stake in Golden State Group (GSG), the holding company for the US National Basketball Association’s (NBA) Golden State Warriors, is up for sale, according to people familiar with the matter.
The 5% stake values the Warriors’ holding company at above US$11bil, the people said, asking not to be named discussing private information.
The Warriors are considered the most valuable team in the NBA and have the highest revenue in the league.
The stake comes with a GSG board seat, court-side seats for GSG teams and access to the ownership lounge, the people added.
GSG also houses the WNBA’s Valkyries, the NBA G League’s Santa Cruz Warriors, the Chase Centre Arena and Thrive City, an 11-acre development outside of the arena.
Citigroup Inc is advising on the stake sale, the people said. A representative for Citigroup declined to comment.
“Per our organisation policy, we do not comment on the potential sale or non-sale of ownership among our investment group,” said Raymond Ridder, spokesperson for the Warriors.
The sale, if successful, would join a number of sports groups selling stakes in recent months, including stakes in Monumental Sports & Entertainment, parent of the NBA’s Wizards and US National (Ice) Hockey League’s (NHL) Capitals, and Maple Leaf Sports & Entertainment, owner of NHL’s Maple Leafs and NBA’s Raptors.
The Los Angeles Lakers sold for US$10bil last year, but that sale did not include the team’s venue Crypto.com Arena, which is owned by AEG.
The Warriors’ Chase Centre cost US$1.4bil to build and Sportico values the Valkyries at US$500mil, the highest in the WNBA.
Several minority stakes in the Golden State Warriors have been put on the market in recent years.
Private equity firm Arctos Partners bought an 8% stake in the club in 2021 and has upped their ownership to about 15% since then.
In 2010, a group led by former Kleiner Perkins partner Joe Lacob and film producer Peter Guber purchased the team for US$450mil.
The Golden State Warriors’ substantial increase in valuation is directly linked to the dynasty built around Stephen Curry, who helped the team secure four championships between 2015 and 2022.
Despite being the third highest-paid player in NBA history, with career earnings of US$470mil, Curry has contended that NBA players are underpaid.
His argument stems from the inability of current players to negotiate for equity stakes in their respective teams.
The NBA has seen several teams change ownership recently for increasing valuations. In October, NBA owners signed off on Mark Walter’s US$10bil purchase of the Lakers from the Buss family.
The Boston Celtics were also sold last year for US$6.1bil, and the Portland Trailblazers fetched US$4.25bil.
In 2023, Mat Ishbia completed his US$4bil purchase of the Phoenix Suns, shortly before Mark Cuban sold the Dallas Mavericks for US$3.5bil. — Bloomberg
