The Golden State Warriors (GSW) have recently risen from its days at the bottom of the NBA standings to a powerhouse that won 3 world championships from 5 straight Finals appearances from 2015-2019.
Success on the court also means success for its majority owner Joe Lacob who purchased the team in 2010 for what now seems like a bargain, at a price of $450M. According to data presented by Safe Bet, the Golden State Warriors had the highest revenue among NBA teams for the 2019/20 season with $474M.
GSW Created A Dynasty On Its Way to NBA’s Highest Revenue
The Warriors enjoyed a popular period in the late ’80s and early ’90s but struggled mightily in what is known as the “Wilderness Years” from 1997-2009. In 2010 a 19 person ownership group spearheaded by Joe Lacob purchased the Golden State Warriors for 450M from Chris Cohan, a change many felt sparked the rejuvenation of the franchise.
The new ownership group’s intentions were clear with investments being made in the right direction. Smart draft picks of prospective young talents such as Klay Thompson, Harrison Barnes and Draymond Green made GSW a consistent playoff team. Future superstar and back-to-back league MVP Stephen Curry was also drafted in 2009, setting the Warriors up for a rebuild ahead of its most successful period in franchise history.
The Warriors recent success and proactive investments by the owners such as the Chase Center have made it the second most valuable team in the NBA behind only the New York Knicks with a franchise value of $4.7B.Golden State’s $474M revenue is also the highest among NBA teams for the 2019/20 season.
Chase Center Final Piece in the Puzzle For Lacob and GSW
2014 also marked the year that Joe Lacob and the Warriors ownership group began purchasing the Warriors’ new home which was finalized in 2015 as the Chase Center. The new arena had its grand opening on September 6, 2019. The first official regular-season NBA game was played on October 24, 2019, when the Warriors hosted the Los Angeles Lakers in a losing effort.
The Chase Center is a modern marvel and is a considerable upgrade from GSW’s former home, the Oakland Arena which was known as Oracle Arena from 2006-2019. The Oakland Arena first opened in 1966 and was last renovated more than 20 years before the Warriors decided to move.
The Warriors needed a venue that represented its recent success on and off the court and delivered just that with the Chase Center, named after JPMorgan Chase purchased the naming right of the arena. Before the pandemic, it was estimated that the Warriors earn a revenue of $7M per home game at their new home from concessions, tickets and premium seating. The team’s sponsorship revenue also increased by an estimated 54% in the new arena
Forbes values Chase Center at just over $1.4B and credits the new arena for the rise in value of the GSW brand: “the new arena is why the Warriors surpassed the Lakers as the league’s second most valuable team.”