The AP reports:

Golden State Warriors owner Chris Cohan reached an agreement Thursday to sell the franchise for a record $450 million to Boston Celtics minority partner Joe Lacob and Mandalay Entertainment CEO Peter Guber.

“I am incredibly excited to have the opportunity to be the next steward of this storied NBA franchise. This is my dream come true,” said Lacob, who is also the managing partner with Kleiner Perkins Caufield & Byers. “Peter and I intend to do what we do best _ innovating and building. It is our passion to return the Warriors to greatness and build nothing short of a championship organization that will make all of us in the Bay Area proud.”

Lacob and Guber beat out Oracle CEO Larry Ellison, who had been considered the favorite to buy the team from Cohan. Ellison has a personal fortune of $28 billion, according to an annual survey by Forbes magazine, and is the sixth-richest man in the world.