<div class="quote_poster">Quote:</div><div class="quote_post">s Golden State Warriors' owner Chris Cohan facing tax troubles that could cost him as much as $160 million? The IRS says yes, according to a story in Thursday's San Francisco Chronicle. Cohan's lawyers tell the newspaper he has settled one claim and is close to settling another. But a third claim, which his lawyer says is the largest portion of the disputed taxes and penalties, could go to trial. Cohan is not targeted in any criminal matters. The IRS, in a 2005 Notice of Deficiency sent to Cohan and his wife, Angela, claims he owes more than $95 million in back taxes and more than $66 million in penalties. According to the Chronicle, court documents filed in San Francisco claim that Cohan paid $14 million for three tax shelters designed to save him the $95 million when he sold his cable television company, Sonic Communications, in 1998. Cohan sold the company for more than $200 million.</div> Source: ESPN
This is a blessing in disguise... Does this mean that he has to sell the team to pay off the IRS for his back taxes? Larry Ellison....are you listening? Buy the team...turn this into the New York Yankees of the NBA.
Cohan's a billionaire, so unless he's having problems elsewhere he won't be forced to sell. He likes to use his lawyers to do the dirty work for him and he definitely is not allergic to suing and avoiding court. I doubt he's losing money on the Warriors even with the high payroll. Instead, he's more likely to pull the el cheapo card and crack down on going over the luxury tax, and become another Donald Sterling, owner of the LA Clippers. BTW if Larry Ellison does buy the Warriors, I rather he'd be more like John Henry and the owner of the Boston Red Sox. They, too, spend a lot of money on their players, but invest their money more wisely.
