Venture Capitalist Joe Lacob Outbids Larry Ellison for Warriors Stake (ORCL)
Dow Jones is reporting that the famed CEO of Oracle Corp. (NASDAQ: ORCL), Larry Ellison, was outbid by Joe Lacob for the ownership stake in the Golden State Warriors, an NBA team.
Joe Lacob is a partner at Menlo Park-based Kleiner Perkins Caufield & Byers; KPCB specializes in life-sciences investments. Mr. Lacob ended up paying $450 million for the struggling NBA team. Lacob currently has an ownership stake in the Boston Celtics as well, which was purchased in 2006.
Ellison said in a brief statement released late Thursday that he was the "highest bidder" for the team, but was nonetheless unsuccessful. "In my experience this is a bit unusual," Ellison said, "Nonetheless, I wish the Warriors and their fans nothing but success."
Lacob's winning bid shatters the previous record sum handed over for an NBA franchise, the $401 million paid for the Phoenix Suns in 2004.
