Warriors owner to sell 20 percent of team

Terms of the deal, which still must be approved by the NBA and its Board of Governors, were not disclosed.

Cohan has agreed to sell a minority interest to four highly successful, established and respected local businessmen — Michael Marks (CEO, Flextronics), Jim Davidson (Silver Lake Partners), John Thompson (CEO, Symantec Corporation) and Fred Harman (General Partner, Oak Investment Partners).

"I’m very excited about this partnership with these outstanding gentlemen," said Cohan in a statement. "I’ve promised myself over the years that it would take a very special, dynamic group of individuals to entice me to become involved with investors. I did not anticipate this scenario developing and was certainly not pursuing it, but I must say that this group definitely meets the criteria. These are established leaders and winners who will help us continue to move in the right direction. "

Prior to this transaction, Cohan was one of only six NBA owners to control 100 percent interest in a team. He assumed complete control of the franchise in 1995.

The Warriors have not made the playoffs since 1994 and last year finished 37-45.