To compensate for the move and their exorbitant luxury tax bills, the Warriors sold off 45 percent of this San Francisco project to the ride-share company, as well as 10 percent to Alexandria Real Estate equities, a development company that’s been active in the area. The Warriors then retained 45 percent ownership of that office space. Consequently, the most successful basketball team in the world will be collecting hefty rent checks for the foreseeable future from one of the most successful tech behemoths in the world. As fond as team owners and executives have become in recent years of calling their beloved franchise a “technology company,” or “media company” or “entertainment company,” there’s an increasingly popular tag being heard at board of governors’ meetings: The NBA is a real estate company. “We are the new anchor store,” says Atlanta Hawks CEO Steve Koonin

Source: Forbes May 31, 2024 11:06 UTC