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OAKLAND, CA - OCTOBER 28: Golden State Warriors head coach Don Nelson speaks with Stephen Jackson #1 during their game against the Houston Rockets at Oracle Arena on October 28, 2009 in Oakland, California. (Photo by Ezra Shaw/Getty Images)
And the team already has a potential buyer.
Oracle CEO Larry Ellison has been saying for months he wants to add the team to the list of things he owns.
The Warriors hired Galatioto Sports Partners to handle selling the franchise and serve as their exclusive financial adviser throughout the process.
The team's announcement said "despite their poor record they are "a premier NBA franchise" and have the fifth-largest market in the NBA."
The Warriors have been owned by Christopher Cohan since 1995. The team has made the playoffs only once under his ownership.
Up until now, current owner Chris Cohan has been silent on the possible sale of the team. Apparently, he's heard a bid number that caused him to at least be open to the idea.
Ellison, who is not used to being denied, told financial analysts in late January he was trying to buy the team.
"Unfortunately you can't have a hostile takeover of a basketball team," he said.
The Warriors said they wouldn't comment further until an agreement or transaction with a buyer is reached.
GSP was established in early 2005 by Salvator Galatioto, former managing director and head of the sports advisory group for Lehman Brothers.
The firm's vice chairman is Russ Granik, who was previously the NBA's deputy commissioner and chief operating officer.
Galatioto declined to comment on the sale process today except to confirm that his firm is participating.
GSP was involved in the recent sale of the Charlotte Bobcats to former basketball superstar Michael Jordan.