The Sri Lankan billionaire venture capitalist acquired a ten per cent share in the Warriors in 2010 for US$25 million as part of the US$450 million takeover deal. Now Palihapitiya has announced in a Twitter post that he has sold his remaining two per cent stake following Arctos Sports Partners move to increase its slice of the Warriors.
The Warriors are currently the NBA’s second most valuable franchise according to Forbes, which gave the team a valuation of US$5.6 billion in its most recent list, meaning Palihapitiya will have made a significant profit on his investment.
‘In [November 2021], after 11+ years, I began a process to sell my ownership in the Warriors. I sold an initial tranche in [December 2021] and last week I sold my remaining stake to existing investors,’ Palihapitiya wrote.
He added: ‘I’m grateful for having been part of one of the greatest teams in history. Winning culture is contagious and this team has reinforced many of my existing beliefs, but also challenged me to change my mind on some others.’
Earlier this year, Palihapitiya faced scrutiny after stating on the All-In podcast that “nobody cares” about China’s genocide of its Uighur population in the Xinjiang region, adding “of all the things I care about, it is below my line.”
In response, the Warriors released a public statement on 17th January that read: “As a limited investor who has no day-to-day operating functions with the Warriors, Mr. Palihapitiya does not speak on behalf of our franchise, and his views certainly don’t reflect those of our organisation.”