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In an effort to broaden local ownership of the team, Golden State Warriors' President Robert Rowell announced today that the NBA club has signed a definitive agreement to sell a 20% minority interest in the team to a group of Bay Area investors. The transaction is subject to approval by the National Basketball Association and its Board of Governors. Per team policy, terms of the agreement were not announced.

Under this new ownership structure, Warriors' Owner Christopher Cohan has agreed to sell a minority interest to four highly successful, established and respected local businessmen - Michael Marks (CEO, Flextronics), Jim Davidson (Silver Lake Partners), John Thompson (CEO, Symantec Corporation) and Fred Harman (General Partner, Oak Investment Partners). Prior to this transaction, Cohan was one of only six NBA owners to control 100% interest in a team.

"We think this is a tremendous and extremely attractive opportunity to become involved with an organization that is obviously on the rise," said Marks. "The Warriors have enjoyed a wealth of growth and success from a business perspective the last few years and now have a great young team as well. We're confident the positive results will continue and are ecstatic to be a part of Mr. Cohan's team and the entire Warriors organization. We're hoping to help wherever we can with community support, sponsorship and any other areas where we can lend our assistance in growing the business."

"The timing of this transaction and the individuals involved were the right fit," said Rowell. "We have had numerous inquiries over the past nine years from prospective groups and individuals, but we have not entertained any of them with the exception of this particular group. We have spent the last year familiarizing ourselves with the principals involved and felt that their interest was genuine and their objectives were in line with ours -- continuing on our path to build a championship caliber organization. Obviously, this is a great opportunity for both Chris Cohan and the investment group, but the true beneficiaries of this transaction will be the great basketball fans of the Bay Area."

Cohan, who assumed complete control of the Warriors in 1995, will remain the majority owner of the team as the managing partner of the Golden State Warriors, L.L.C. (80% ownership). The new minority investors will hold their 20% interest under the umbrella of Bay Area Basketball Partners, L.L.C.

"I'm very excited about this partnership with these outstanding gentlemen," said Cohan. "I've promised myself over the years that it would take a very special, dynamic group of individuals to entice me to become involved with investors. I did not anticipate this scenario developing and was certainly not pursuing it, but I must say that this group definitely meets the criteria. These are established leaders and winners who will help us continue to move in the right direction. "

The transaction will enable the Warriors to continue to grow and further build the team's brand and business. In recent years, the team has established all-time franchise records in attendance (each of the last two seasons), has been one of only four NBA teams to register an increase in ticket sales revenue each of the last four seasons and has witnessed a 20% increase in corporate sales.