Mark Mastrov, founder of 24-Hour Fitness, heads one of the final two bidding groups in the running to buy the Warriors, a source told Bay Area News Group.

The source confirmed Mastrov's bid to buy the Warriors exceeded $350 million.

Bay Area News Group learned Friday through a source with knowledge of the negotiations that two finalist groups were outbid and had dropped out of the process. All four finalists submitted purchase of sale agreements that included binding offers. Warriors owner Chris Cohan, who hired Galatioto Sports Partners to sell the franchise, moved forward with the two highest bidders.

Bay Area News Group had previously reported the four finalists as being Mastrov's group; a group headed by Oracle Corp. CEO Larry Ellison; a group head by Texas-based Wall Street financier David Bonderman; and one that includes Mandalay Entertainment Group chairman Peter Guber.

The next step will be to tweak each purchase of sale agreement, which could result in a revised offer from the remaining two groups.

The hope, according to a source, is that the winning bidder can be identified by August.

Staff writer Monte Poole contributed to this story.