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Imagine sports team ownership to our media and entertainment -- Peter Guber.
We noticed a little glimmer in his -- we thought we did but little we know it was about to buy an NBA team.
The Golden State Warriors the 450 million dollar deal is still pending.
But competitors look to be conceding that Peter and his partner Joseph -- and will soon be co owners of the team.
The future co owner of the Golden State -- we hope for his say Peter -- joining us now from Los Angeles.
You double -- I had no idea this was they're pretty good to keep it -- my friend.
The only way to keep a secret in Hollywood is to an odd number of people preferably less than three BI thinks that -- you you did -- this -- why.
Why are you buying an NBA team now I mean we got the possibility of a lockout coming we know that that the NBA has lost 370 million dollars according to Wall Street Journal.
Well opportunities come and all sides at all times and -- period and got me after season when they come you know you just can't create the flow you have to take advantage of it.
And we looked at the marketplace that we said to ourselves NBA has a long term value.
We thought California forty million people this is a major West Coast team Pacific rim country in California.
The market is -- Oakland's seven Cisco -- San Jose it's a monopoly.
We believe that it's a real real bad don't we can make it more valuable and I think that Joseph lake of the lives in the community who is a basketball guy he owns a big base percentage of the Celtics right now.
And -- believes in the community will be a good partner.
Now I -- started out with a negatives and of course.
You're supposed to buy -- I imagine those negatives why are why a lot of people thought maybe now is not the time to buy so may be.
You are getting a deal do you notice anything with the in the NBA that seems to be turning around the negative numbers.
Well I think the idea that it's a global franchise and we were you really think about it.
-- NBA is a sport -- you know in the winter that plays all over the world players come from all over the world so I think it has a global.
I reach and touch and I think severed Cisco hasn't been a more global reach and got them.
And it's probably one of the five or six markets in the United States that -- -- really want to play at.
And I think the idea or is that there's a very loyal fan base there as proved to be a loyal fan base even -- really -- the playoffs once in a number years.
And I think that's an opportunity there's a challenge of course you would we don't get it without the challenge you know when we don't we're not able to buy Google.
Now -- -- limited about what you can say because it deals still pending.
All you have to do was say no but I got -- Peter what is is it tough to come up with a -- -- you have all the cash on hand.
Well I think that the idea is -- that we're in a process of closing the deal and that means league approval that means financing arrangements that means organizing.
The structure of the deal all that's being done now but.
But generally what what I work for and I know Joseph works more -- certainty and the idea is that we are comfortable that weekend.
Deliver all that -- necessities for the league for the sale for the transactions are completed but it.
It certainly never ever guaranteed you have to go through all the -- and properly so to be part of that membership.
Now you're such a Renaissance man out of me to flatter yup because you know I'm not a Hollywood guy but.
You you already have some sports DJ got part says -- build more minor league teams would still.
You're already and that that you've got your movie business and everything are you are you gonna have to give something up in order -- take -- -- Well that requires a full court press no pun intended but the idea here is you have to be elegant and what you do when there -- there are two of us.
There'll be a -- big organization that's available.
How it's structured how it's organized will be the fact is that Joseph and myself and others will come to grips red.
But I think you'd say this is not the end this is not the end of the beginning this is only the beginning of the beginning well you know why I know what's the end of the beginning is because the last couple times you want you had a tie on.
Now you'll find it.
I'm gonna see your grip that I thought I did not shaving as much as you're working for Paula hi Dana what do backers and everything -- -- -- -- -- the old -- that we know and love Peter look we wish you the very best we don't know how it's gonna turn out but we -- turns out.
Well for you Peter -- great to see have a wonderful week.
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