Aug. 11 (Bloomberg) -- Chamath Palihapitiya, an original member of Facebook Inc.’s management team who left the company in June, has joined the ownership group of the National Basketball Association’s Golden State Warriors.
Financial terms were not disclosed by the Oakland, California-based team, which announced Palihapitiya’s investment yesterday in a news release.
In four years at Facebook, the 34-year-old Palihapitiya worked in various roles, including vice president of user growth, mobile and international. He finished 101st in the main event of this year’s World Series of Poker, earning $54,851, more than five times his original stake.
The Warriors were sold in July 2010 for a league-record $450 million by Christopher Cohan to a group led by Joe Lacob, managing partner at the San Francisco Bay Area-based venture capital firm Kleiner Perkins Caufield & Byers, and Peter Guber, chairman of Mandalay Entertainment Group.
Among the other bidders for the club was Larry Ellison, the billionaire chief executive of Oracle Corp.
The Warriors have made the postseason once since 1994. Golden State was 12th among the Western Conference’s 15 teams last season with a 36-46 record.
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