The sale of the Golden State Warriors was formally completed Friday, the team announced.
The sale of the Oakland-based professional basketball team to GSW Sports LLC, a group of six board members and multiple investors headed by Joe Lacob and Peter Guber, was unanimously approved by the NBA Board of Governors earlier.
Lacob, a partner at a Menlo Park-based venture capital firm, and Guber, chairman of the Mandalay Entertainment Group, bought the team in July from former owner Chris Cohan.
The official transfer of control to the new ownership group "has been much anticipated," Lacob said in a statement.
"Now that the process is officially complete, I am incredibly anxious and excited to take the helm...It's a great day for me and my family, and a great day for Warriors fans," he said.
The Warriors are off to a good start to the 2010-11 season with a 6-3 record, the second-best in the Pacific Division.