National Basketball Association

Warriors sale to Lacob group approved

Published Nov. 12, 2010 12:00 a.m. ET

foxsports

The NBA's board of governors has unanimously approved the sale of the Golden State Warriors to a group led by Joe Lacob and movie producer Peter Guber.

The long-expected announcement Friday allowed the Warriors' new owners to assume formal control of the franchise long owned by Chris Cohan.

The GSW Sports LLC ownership group includes six board members and multiple investors who paid a record $450 million for the Warriors, reaching an agreement with Cohan in July after a spirited bidding process for the Bay Area's only pro basketball team.

Lacob is a venture capitalist and a former minority owner of the Boston Celtics. He already has made an impact on the Warriors, engineering the dismissal of coach Don Nelson shortly before training camp.