Oracle Corporation (NASDAQ:ORCL) co-founder Larry Ellison lost a bid to buy out the Golden State Warriors NBA team. The person who won ownership is Joseph Lacob, a partner at Kleiner Perkins Caufield & Byers. Lacob also has part ownership in the Boston Celtics NBA team.
Mandalay Entertainment chairman and CEO Peter Guber is also co-leading the ownership in the Warriors. Ellison valuated the Warriors at $400 million and did not raise his bid any higher than that. “Although I was the highest bidder, Chris Cohan decided to sell to someone else,” said Ellison in an statement from Oracle. “In my experience, this is a bit unusual.”