OAKLAND -- Silicon Valley venture capitalist Mark Stevens has purchased the minority stake in the Golden State Warriors previously held by new Sacramento Kings owner Vivek Ranadive.
The agreement announced Friday makes Stevens an executive board member, joining the ownership group led by Joe Lacob and Peter Guber. Terms of the purchase were not released.
“We’re extremely excited about the addition of Mark to our ownership group,” said Lacob. “He brings an incredible track record of success in the business world, primarily as a venture capitalist in the Bay Area, and his expertise on many levels will certainly aid us in our quest to become a World Class organization."
Stevens is the managing partner of the investment company S-Cubed Capital in Menlo Park, Calif. He also is a special limited partner and former managing partner at Sequoia Capital, a global venture capital firm.
“Mark will prove to be a tremendous asset to our organization as we strive to become one of the model franchises in professional sports,” said Guber. “We’ve managed to build a strong and well-rounded ownership group in which each individual contributes to our success, and Mark is no exception. He’s an ideal fit.”
NBA rules required Ranadive to relinquish his stake in the Warriors after leading a group that purchased a controlling interest in the Kings in May.
The Associated Press contributed to this report