Golden State Warriors’ ownership company valued at $11 billion in recent share transaction

Minority Ownership in Golden State Warriors Parent Company Hits the Market

Photographer: Elsa/Getty Images

Sources familiar with the situation report that a portion of Golden State Group, the parent company of the NBA’s Golden State Warriors, is currently being offered for sale.

The 5% share available places the overall valuation of the Warriors’ holding company at over $11 billion, according to those with knowledge of the deal who requested anonymity due to the confidential nature of the information.

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The Warriors are widely recognized as the NBA’s most valuable franchise, boasting the league’s highest revenues. The stake being sold includes a seat on the Golden State Group board, premium courtside tickets for GSG teams, and exclusive access to the owners’ lounge. Golden State Group also oversees the WNBA’s Valkyries, the Santa Cruz Warriors of the NBA G League, the Chase Center arena, and Thrive City, an 11-acre development adjacent to the arena.

Citigroup Inc. is serving as the advisor for this transaction, according to insiders.

Citigroup declined to provide a statement. Warriors spokesperson Raymond Ridder commented, “In line with our organizational policy, we do not discuss the potential sale or retention of ownership within our investment group.”

If completed, this sale would add to a recent trend of sports organizations selling minority interests. Notable examples include Monumental Sports & Entertainment, which owns the NBA’s Wizards and NHL’s Capitals, and Maple Leaf Sports & Entertainment, the parent company of the NHL’s Maple Leafs and NBA’s Raptors.

Last year, the Los Angeles Lakers were sold for $10 billion, though this did not include their home venue, Crypto.com Arena, which remains under AEG’s ownership. The Warriors’ Chase Center was constructed at a cost of $1.4 billion, and Sportico estimates the Valkyries’ value at $500 million, making them the most valuable team in the WNBA.

In recent years, several minority stakes in the Warriors have been made available. In 2021, Arctos Partners, a private equity firm, acquired an 8% share and has since increased its stake to approximately 15%.

Back in 2010, a consortium led by former Kleiner Perkins partner Joe Lacob and film producer Peter Guber purchased the Warriors for $450 million.

The dramatic rise in the Warriors’ valuation is closely tied to the team’s success during the Stephen Curry era, which saw four championships between 2015 and 2022. Despite being the NBA’s third highest-paid player with career earnings of $470 million, Curry has argued that players are still undercompensated, citing their inability to negotiate for equity in their teams.

Recent NBA Team Sales Reflect Soaring Valuations

Several NBA franchises have changed hands recently at record prices. In October, Mark Walter’s $10 billion acquisition of the Lakers from the Buss family was approved by league owners. The Boston Celtics were sold last year for $6.1 billion, while the Portland Trailblazers fetched $4.25 billion. In 2023, Mat Ishbia finalized a $4 billion deal for the Phoenix Suns, and Mark Cuban sold the Dallas Mavericks for $3.5 billion shortly thereafter.

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