Joe Lacob was a fan of the Golden State Warriors long before he purchased a controlling stake in the franchise.
He was a loyal fan, having purchased season tickets even during unsuccessful campaigns. While Lacob’s financial commitment to the Warriors exceeds that of Dallas Mavericks owner Mark Cuban, Lacob does not share Cuban’s degree of fervent fanaticism.
A big part of why he wanted to buy the team was because of his passion for playing and watching sports. Chris Cohan, the former owner of the Warriors, might have accepted a greater offer but was won over by Joe Lacob and his gang.
In 2010, Lacob remarked, “It is our ambition to return the Warriors to greatness and develop nothing short of a championship organization that will make all of us in the Bay Area proud.”
Three championships for Golden State since Lacob took over as owner in 2010 prove that he has lived up to his early boasts. The Warriors have established themselves as a top-tier club and an exemplary sports organization.
What’s more perplexing is how Lacob was able to acquire the Warriors in the first place. So, let’s dissect this thing and see how it works.
How Much Money Does Joe Lacob Have?
As of 2022, Lacob has a net worth of $3 billion, per Forbes.
Lacob’s primary source of wealth was gained through his employment at the prestigious venture capital firm Kleiner Perkins. In 1987 he began his career with the company, and by 2000 he had been promoted to partner.
He still got some work to do pic.twitter.com/CfGLBdFyIC
— Joe Lacob (@KambisRurt) August 19, 2020
The Warriors Were Purchased by Joe Lacob in 2010
When the Boston Celtics won the NBA title in 2008, Lacob was a part-owner of the team and was there to witness it. After selling his share in the Celtics in 2010, he was able to put his money toward the purchase of the Warriors.
In July of 2010, Lacob paid $450 million to Chris Cohan to buy the Warriors from him. While Guber retains his position as executive chairman, Lacob now runs the Warriors’ day-to-day operations.
To put it in perspective, the sale of the team was the largest in league history. Incredible as it may seem, Cohan would have gained a lot more money if he had sold the club to Oracle CEO Larry Ellison.
But Lacob’s experience as a team owner in Boston and the fact that he had season tickets for ten years were big reasons why Cohan sold the team to his group.
“I couldn’t be more honored to be considered for the role of president of this legendary NBA team. That what has happened is like a dream come true for me “What Lacob said during the transaction was crucial.
“Peter and I plan to focus on our strengths, which are innovation and construction. Our goal is to construct a championship-caliber team that will once again bring glory to the Bay Area and the Warriors franchise.”
Joe Lacob came into the world in January of 1956 in New Bedford, Massachusetts. He is the primary shareholder of the Golden State Warriors of the National Basketball Association and a partner in Kleiner Perkins Caufield & Byers. After earning his undergraduate degree from UC Irvine, Lacob attended UC Los Angeles for his master’s in public health and Stanford University for his MBA.
His professional history includes stints at Cetus Corporation, FHP International, and Booz, Allen & Hamilton prior to his 1987 promotion to partner at Kleiner Perkins. Lacob was a major backer of the American Basketball Association, a failed professional women’s league. In 2006, he invested in a minority stake in the Boston Celtics.
Golden State Warriors Purchase
The Golden State Warriors were acquired by Joe Lacob and a consortium of investors in 2010 for a reported $450 million. His sale of Celtics shares was a prerequisite to closing the deal. After ten years of season ticket ownership, Lacob decided to buy the Warriors.
The organization picked Stephen Curry, a relatively unknown player from Davidson College, in the months leading up to his acquisition. In just a few short years, Curry rose to prominence as one of the NBA’s most popular players. The Warriors have won three NBA titles under Stephen’s direction.
By 2017 the Warriors were worth $2.6 billion. Worth $3.5 billion in 2019 dollars. The current estimated value of the Warriors is $6 billion.
Joe’s wife Nicole Curren gained a small amount of attention on June 5 when she was spotted sitting near to Beyoncé at Game 3 of the NBA Finals. At one time Nicole was spotted bending over Beyonce to chat with Jay-Z. Beyonce’s facial expression, which appeared to be highly offended by the gesture, made Nicole a top trending topic the following day.
Joe Lacob Real Estate
Joe spent $29 million on a Malibu mansion this past September. In 2007, he spent $19.8 million on a 14,000-square-foot estate in Atherton, California, which serves as his principal residence.
His Atherton home sits right across the street from Sergey Brin’s $180 million ranch compound, where Google was founded, and down the street from Jan Koum’s $100 million compounds, where Whatsapp was founded. Joe and Jan both made their Malibu purchases at the same time, though Jan’s was far more expensive at $125 million.
Frequently Asked Questions
Where Did Joe Lacob Get His Start Financially?
Working at Kleiner Perkins was where Lacob made the bulk of his fortune. He joined the company in 1987 and quickly rose to the position of partner.
How Much Equity Does Joe Lacob Have in the Warriors?
As the leader of the company that paid $450 million for the Golden State Warriors in 2010, Joe Lacob can take credit for this feat. Since then, the value of the team has increased by over ten times, making his 25% interest worth more than $900 million after deducting debt.
Who Exactly Owns the Golden State Warriors?
On April 7, 2019, the Golden State Warriors played the Los Angeles Clippers at Oracle Arena in Oakland, California. Owner Joe Lacob and his wife Nicole Curran greeted Rock Barry during the first quarter.
Is Joe Lacob a Billionaire?
The American businessman Joe Lacob is worth $3 billion. Joe Lacob made his money as a venture entrepreneur and is currently the team’s majority owner in the National Basketball Association.
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