The Warriors have received at least 10 preliminary bids in their effort to sell the franchise, multiple sources confirmed Tuesday.
Oracle CEO Larry Ellison is one of the bids, sources said, basically resubmitting his earlier offer of $315 million. Among the people who also put their hats in the ring are 24-Hour Fitness founder Mark Mastrov, a group from China and the current minority owners, sources said.
A bidding package was prepared and shipped out, and the Warriors started fielding offers Monday. With the first round of bids in hand, the next step is for current Warriors' owner Chris Cohan to narrow the field.
That is when the negotiations intensify, one source said. Hope remains that a new owner is identified by July 1.
According to sources, the initial bids fell well shy of first-reported estimations. When the team announced in March it had hired Galatioto Sports Partners to facilitate a sale, several estimated that the Warriors' price could surpass $400 million. Robert Sarver's purchase of the Phoenix Suns at $401 million is the record, but rough economic times and bargain-hunting bidders have collaborated to keep the offers down.
It is uncertain who submitted the highest bid, or if anyone topped Ellison's apparent standing bid of $315 million. Certainly, offers can and may increase now that the feeling-out process has taken place. According to one source, the hope remains that Ellison, one of the richest people in the world, pushes up the price by outbidding everyone else.