Oakland, CA, United States (4E Sports) – The Golden State Warriors almost doubled in value since it was purchased in November 2010 by Joe Lacob and Peter Guber for $450 million, the highest price ever for an NBA franchise.
The valuation was made by Forbes based from the price Mark Stevens agreed to pay for a share of the team to former partner Vivek Ranadive.
Warriors spokesman Raymond Ridder declined to comment on the new valuation or the percentage that was purchased by Stevens, the managing partner of S-Cubed Capital in Menlo Park, Calif.
NBA rules required Ranadive to relinquish his stake in the Warriors after leading a group that purchased a controlling interest in the Kings in May.
Ranadive ‘s agreement to pay about $550 million for 72 percent of the Kings and their arena from the Maloof family in a bidding war against a Seattle group led by Chris Hansen pushed the benchmark for basketball franchise prices.
This prompted other Warriors shareholders to sell their stake for even more.
Forbes magazine valued the Warriors in January at $555 million.
The Warriors, which sold out 38 consecutive games last season, sold more than 3,000 new season tickets this summer to grow the season-ticket base to an all-time high of nearly 14,000.
The off-season acquisition of Andre Iguodala reportedly helped at the box office.