warriors ownership percentages

warriors ownership percentages

Location: San Francisco, California Team Names: Golden State Warriors, San Francisco Warriors, Philadelphia Warriors Seasons: 77; 1946-47 to 2022-23 Record: 2912-3090, .485 W-L% Playoff Appearances: 36 Championships: 7 WebGet the latest official stats for the Golden State Warriors. The Golden State Warriors make $201 million in revenue a year as a team. We were not under the radar with respect to Chris Cohan. I'm trying," Ellison (who was discussing Oracle's acquisition of Sun Microsystems) replied to an audience member asking about him buying the Warriors. A link has been emailed to you - check your inbox. Stephen Curry ($11,370,786) Total money all Warriors players made in 2015-2016. The Golden State Warriors ownership group consists of leaders in a wide variety of fields including: sports, entertainment, e-commerce, mobile technology, communications and venture capital. "I think I can do just as well, if not better," Mastrov told Bay Area News Group. This seemed to be a cinch for Ellison, who not even two weeks before the Warriors announcement ranked sixth on Forbes' list of the world's wealthiest people. It was perhaps the best execution of Chris Cohan's tenure as owner. I still believe were gonna be a tough team to beat in seven games. He brings an incredible track record of success in the business world, primarily as a venture capitalist in the Bay Area, and his expertise on many levels will certainly aid us in our quest to become a World Class organization. PitchBooks comparison feature gives you a side-by-side look at key metrics for similar companies. Arctos Sports Partners expanded their investment in sports franchise ownership by more than doubling its stake in the Golden State Warriors to 13 percent, Yahoo Sports reported Thursday. This story has been shared 107,413 times. Arctos Sports Partners expanded their investment in sports franchise ownership by more than doubling its stake in the Golden State Warriors to 13 percent, Yahoo Sports reported Thursday. It was valued elsewhere at $5.5 billion at the start of 2021. According to insiders, Ellison's bid was higher but Galatioto said Ellison's binding bid was late and the Warriors had already informed Lacob's group that they won the bid. But it also explores the exploits of Run TMC, Latrell Sprewell, Purvis Short, Robert Parish, Sleepy Floyd, Manute Bol and Rick Barry, among others. The viewers have also proven that they are still interested in the series despite the dominance of the Dubs, which could mean having millions watching once again. It is also closing in on ownership deals with the Minnesota Wild and Tampa Bay Lightning. That has kept George positive in what he called the big picture of the teams championship aspirations. 2021-12-23 21:12:43 GMT+00:00 - Arctos Sports Partners expanded their investment in sports franchise ownership by more than doubling its stake in the Golden State Warriors to 13 percent, Yahoo Sports reported Thursday. A five per cent stake in the Golden State Warriors has reportedly been put up for sale as minority investors in the National Basketball Association (NBA) seek to recoup losses resulting from the pandemic. News of Cohan looking to sell his 80 percent stake in the Warriors started in earnest in July 2009. And just like that, it was on, the most engrossing drama involving the team in years: Who would buy the Warriors? After 15 years of frustration and drama, the Golden State Warriors were finally under new ownership. 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The Warriors' current total cap hit comes out to $174,189,694 -- the highest of any team in the league -- which includes Shaun Livingston's final dead cap hit of $666,667. WebGolden State Warriors Signals Growth Rate 0.80% Weekly Growth Weekly Growth 0.80%, 93rd % -35.5%. How has the Suns' new starting group performed? The Golden State Warriors make $201 million in revenue a year as a team. By January 2010, billionaire Larry Ellison was sitting courtside at Oracle Arena for the first time, watching LeBron James dominate. The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. Joe Mazzulla's transition from interim head coach to the Boston Celtics' full-time leader has gone as smoothly as expected. No single fund can own more than 20 percent of an NBA team, for example, and teams can't have more than 30 percent ownership from institutional investors. Twice-champion Tiger Woods was not listed in the field for next week's The Players Championship at TPC Sawgrass in Ponte Vedra Beach, Florida, meaning his next start will likely come at the Masters in April. In this excerpt, Leroux documents how the sale of the franchise from Chris Cohan to the Joe Lacob-Peter Guber partnership unfolded. We've received your submission. Last month, Sportico valued the Warriors at US$5.21 billion, ranking them as the second most valuable franchise in the NBA after the New York Knicks. Get viral NBA graphics, memes, rumors and trending news delivered right to your inbox with the Clutch Newsletter. The Golden State Warriors ownership group consists of leaders in a wide variety of fields including: sports, entertainment, e-commerce, mobile technology, communications and venture capital. Published by Triumph Books. This is an incredible opportunity for me, said Stevens. Location: San Francisco, California Team Names: Golden State Warriors, San Francisco Warriors, Philadelphia Warriors Seasons: 77; 1946-47 to 2022-23 Record: 2912-3090, .485 W-L% Playoff Appearances: 36 Championships: 7 Currently the managing partner of S-Cubed Capital in Menlo Park, CA, Stevens is also a special limited partner and former managing partner at Sequoia Capital, a global venture capital firm based in Menlo Park. Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. But the money is hardly something to sneeze at., In fact, a Game 5 in Oakland alone comes close to paying Steph Currys salary for the entire 2016-17 season: $12.1 million. To explore Golden State Warriorss full profile, request access. The industry leader for online information for tax, accounting and finance professionals. News of Cohan looking to sell his 80 percent stake in the Warriors started in earnest in July 2009. Sal Galatioto had previously orchestrated the sale of the Phoenix Suns in 2004 for a then-record $401 million and had a similar game plan for the Warriors. WebGolden State Warriors. Du, ectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore ma, To view Golden State Warriorss complete competitors history, request access, Youre viewing 5 of 18 executive team members. Use without license or authorization is expressly prohibited. The Warriors have 15 investors total, including Lacobs co-chairman Peter Guber, a Hollywood executive with a 20 percent stake. In July 2010, the dysfunctional Warriors, who had been to one postseason in 16 years, were officially the most expensive franchise in NBA history. WebGet the latest official stats for the Golden State Warriors. Its why the NBA last week agreed to expand its plan to sell minority stakes in teams to private equity firms beyond Dyal Capital Partners, the firm it initially hand-picked to handle all such sales, sources said. WebGolden State Warriors: Joe Lacob (majority), Peter Guber: GSW Sports LLC 450: 2010: Houston Rockets: Tilman Fertitta: Fertitta Entertainment 2,200: 2017: Indiana Pacers: Herbert Simon: Pacers Sports & Entertainment, Pacers Basketball, LLC 10.5: 1983: Los Angeles Clippers: Steve Ballmer: LAC Basketball Club, Inc. 2,000: 2014: Los Angeles Lakers All rights reserved. Other basketball teams too are losing money without attendance at the games and would rather sell stakes than cover losses, sources said. He was supposed to be vacationing with his fiance, Nicole Curran, but he was down to the final hours before the deadline to finalize the sale. In this case, the process has just begun, sources said. They reported Ellison's net worth to be $28 billion, third among Americans behind Bill Gates and Warren Buffett. The Warriors won three titles during the decade and posted the best record in NBA history during the 2015-16 season with 73 wins. WebForbes released its annual NBA franchise valuations Wednesday, and Golden State now is worth an estimated $3.5 billion. WebGolden State Warriors. Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts. Get the full list, Morningstar Institutional Equity Research, Chief Executive Officer, Co-Owner & Co-Executive Chairman, Executive Vice President, Basketball Operations. The pilot of the helicopter, on his last trip before his union was going on strike, pressured Lacob to get on board but he refused to get off the phone until he got the thumbs-up. $88,868,997. All rights reserved. Longtime Silicon Valley Venture Capitalist Joins Team As Executive Board Member. I think we wanted it more than the other guys and I think we are more knowledgeable about basketball than all these others guys. The Golden State Warriors were largely rudderless Businessman Chris Cohan purchased the Golden State Warriors in October 1994 for $130 million, but he didnt enjoy much success on the court. August 16, 2013 3P%:3-Point Field Goal Percentage; FTM:Average Free Throws Made; FTA:Average Free Throws Attempted; Join us for a March Madness Webinar on Tuesday, March 7 at 8pm ET. Per Windhorst, some owners may litigate against insurance companies or sell real estate assets as avenues to earn back cash. With the Golden State Warriors already at the brink of winning their second championship in three years, it is exciting times for the team, their fans and the whole of the Bay Area. Forbes in February 2020 estimated the Warriors were worth $4.3 billion a 23 percent increase from the prior year. Amazons Daisy Jones & The Six Tops Music And TV Charts, China Aims For Its Gross Domestic Product To Expand Around 5% In 2023, Todays Wordle #624 Hint, Clues And Answer For Sunday, March 5th, UFC 285 Results: Cody Garbrandt Defeats Trevin Jones In Return To The Octagon, The Early Returns Of Kevin Durant In The Phoenix Suns Offense, Desperate Russian Forces Are Sticking 80-Year-Old Naval Guns On 70-Year-Old Armored Tractors, Saturday, March 4. The Warriors are said to have 15 investors in total, including Joe Lacob and Peter Guber, who own 35 per cent and 20 per cent of the team respectively. All quotes delayed a minimum of 15 minutes. $88,868,997. Cohan never wanted to sell to Ellison and used the Oracle billionaire's presence in the process to ramp up the bids. The identity of the sellers remain unclear as that information is usually not unveiled until an auction is done. The Warriors' current total cap hit comes out to $174,189,694 -- the highest of any team in the league -- which includes Shaun Livingston's final dead cap hit of $666,667. We did our due diligence. While Warriors fans waited for a resolution, Lacob and Guber were behind the scenes finalizing the sale of the team. Lacob and Guber are reportedly not part of the group looking to sell. 3P%:3-Point Field Goal Percentage; FTM:Average Free Throws Made; FTA:Average Free Throws Attempted; Hes an ideal fit.. in Economics (both magna cum laude) from the University of Southern California in 1981, an M.S. Joe Lacob led an ownership group that in 2010 paid $450 million for the Golden State Warriors NBA team. The tank plus-up, which Ukrainian ambassador to the United Kingdom Vadym Prystaiko announced on Saturday, should come as no surprise. Arctos was co-founded by private equity veteran Ian Charles and former MSG CEO David Doc OConnor. Or write about sports? The luxury tax apron for the 2021-22 season is set at $143,002,000. The selling owners are seeking $200 million for their stake, which would give the National Basketball Association team a valuation of $5 billion when factoring in its $800 million in debt. Warriors ownership group could lose up to $22 million with a sweep of the Finals. Two days after the announcement, another big-pocket Bay Area icon publicly expressed interest in buying the team. About Joe Lacob Joe Lacob led an ownership group that in 2010 paid $450 million for the Golden State Warriors NBA team. But thats a big if at a time when the normally profitable team is on pace to lose more than $70 million, two sources close to the situation said. Daniel Gafford left tonights game with an ankle sprain. "We did what we felt was right. Ellison put out a statement that left Warriors fans a bit miffed. The country's leadership set this year's economic growth target at around 5%, a target more modest than some had previously projected as policymakers take into account a wide range of difficulties besetting the worlds second-largest economy. According to an anonymous sports banker interviewed by the New York Post, the Warriors true valuation is likely to be about US$4.4 billion today, with the coronavirus pandemic having hit the teams revenues to the extent that they are on pace to lose more than US$70 million this year. This is a profile preview from the PitchBook Platform. The company's team participates in different ba, nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat. 530% Size Multiple 219x Median Size Multiple 219x, 100th %ile 0.00x 0.95x. As Windhorst specifies, the Warriors position highlights the discrepancy between the big-market owners and the small-market groups, and that divide could become a tricky issue as the league navigates the financial impact of the pandemic. As many as 12 groups made their pitches, according to reports. The Oracle of Delphi. The Golden State Warriors ownership group, led by Joe Lacob, is considering forming a partnership with investment bank Goldman Sachs to raise up to $25o million in capital to help the organization compensate for lost revenues due to the COVID-19 pandemic. That works out to $1.7 million earned per game or $49,000 earned by each player per game. Joe Lacob and Peter Guber, the Co-Executive Chairmen of the Golden State Warriors, announced today that longtime Silicon Valley venture capitalist Mark Stevens has purchased the equity interests of the team that were previously held by Vivek Ranadive and joined the teams ownership group as an Executive Board Member. None of the most valuable NBA teams like the Knicks, Lakers or Warriors have yet tried to sell minority stakes until now, sources said, making this a good test case. Win whats next. The Warriors are said to have 15 investors in total, including Joe Lacob and Peter Guber, who own 35 per cent and 20 per cent of the team respectively. Copyright (c) 2017. 2023 NYP Holdings, Inc. All Rights Reserved, Why the COVID lab leak cover-up is reminiscent of Chernobyl, How woke ideologies are upending American childhood, Bidens laughable, late-to-the-game crackdown on massive COVID fraud, Government misinfo has sparked a steep decline in the publics trust. They are worth as much as $6.03 billion, according to Sportico. Without ticket sales, the Warriors lose about 50 percent of its revenue even as it continues to pay players like Curry their full salaries, sources said. Ivica Zubac (calf) is questionable for tomorrow. News of the proposed sale comes as the NBA moves closer to allowing private equity investors to own minority stakes in multiple franchises. "Although I was the highest bidder, Chris Cohan decided to sell to someone else," Ellison said in a statement released by Oracle. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers. Subscribe to Stathead Basketball: Get your first month FREEYour All-Access Ticket to the Basketball Reference Database. View the full team roster and stat leaders for the 2022-23 NBA season on CBS Sports. Memphis Grizzlies PR: . Arctos Sports Partners expanded their investment in sports franchise ownership by more than doubling its stake in the Golden State Warriors to 13 percent, Yahoo Sports reported Thursday. The future of this team and franchise is unbelievably promising and Im looking forward to contributing my part to help us achieve our goals.. The Warriors havent laid off or furloughed any employees, and Lacob is investing in technology and testing methods in an attempt to get fans back in Chase Center next season. We present them here for purely educational purposes. I'm incredibly proud of the fact that we stayed out of the news. And minority investors often pay a discount to the valuation, meaning the price could come down even further. Lacob joined venture capital firm Kleiner Perkins in 1987 and led investments in over 50 startup companies; he is no longer with the firm. Question, Comment, Feedback, or Correction? 1946-47 to 2022-23, Pace/ORtg/DRtg estimated Lacob has informed his fellow owners of his plan, according to ESPNs Brian Windhorst. Follow Danny Leroux on Twitter @DannyLeroux. The Warriors derive about 80% of their revenue from the Chase Center which the franchise owns with the ability to earn millions more per home game than other teams. The Golden State Warriors ownership group consists of leaders in a wide variety of fields including: sports, entertainment, e-commerce, mobile technology, communications and venture capital. WebGolden State Warriors: Joe Lacob (majority), Peter Guber: GSW Sports LLC 450: 2010: Houston Rockets: Tilman Fertitta: Fertitta Entertainment 2,200: 2017: Indiana Pacers: Herbert Simon: Pacers Sports & Entertainment, Pacers Basketball, LLC 10.5: 1983: Los Angeles Clippers: Steve Ballmer: LAC Basketball Club, Inc. 2,000: 2014: Los Angeles Lakers View the full team roster and stat leaders for the 2022-23 NBA season on CBS Sports. Warriors ownership group could lose up to $22 million with a sweep of the Finals. Recouping capital would help Golden State cover its expected its $150-plus million payroll, and the franchise is positioned in a way to do this better than others: The Warriors have the ability to raise money that a lot of teams cant, a team president told Windhorst. Lacob was a minority owner of the NBA's Boston Celtics for five years before selling to buy the Warriors. Basketball, Books, Chris Cohan, Golden State Warriors, Joe Lacob, Larry Ellison, NBA, Peter Guber, WNBA Star Breanna Stewart Talks NBA 2K22, Her Sneaker Game And Becoming A Mom, 'Let Them Lead' Beloved Fourth-Line Grinder Earns Magical Moment, Denver Educator's Inspiring Work With Black Youth Catches Attention Of Jamal Murray, Nikola Jokic, After Doctors Save Coach's Life From Covid, Players Pay It Forward -- And Earn Special Surprise, Copyright 2023 Sports Media Ventures, Inc. All Rights Reserved, 100 Things Warriors Fans Should Know & Do Before They Die. Last year, the Warriors also were in third but checked in at $3.1 billion. This information is available in the PitchBook Platform. Not selling, a source told The Post, is Joe Lacob of Kleiner Perkins, who currently owns the largest stake in the team at 35 percent. See here for a complete list of exchanges and delays. "We were going by helicopter to Delphi in Greece," Lacob said, "which is famous for the Oracle. document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); Thanks for contacting us. Golden State Warriors, San Francisco Warriors, Philadelphia Warriors, Seasons: That works out to $1.7 million earned per game or $49,000 earned by each player per game. WebVisit ESPN to view the Golden State Warriors team stats for the 2022-23 season. He was clearly the fan favorite to buy the Warriors. The private equity firm is buying about five percent of the team, the people said. At this point, Ellison and the Lacob/Guber tandem were the two highest bids. It was perhaps the best execution of Chris Cohan's tenure as owner. Hayes checked in after not starting the 2nd half because of a hand injury, played 1:34, and checked back out because of his hand. Watch our How-To Videos to Become a Stathead, Subscribe to Stathead and get access to more data than you can imagine. Aaron Nesmith (sore left hip) and Tyrese Haliburton (sore right calf) are questionable for Pacers-Bulls, Your California Privacy Rights/Privacy Policy. Stevens has been responsible for numerous, successful Sequoia investments including: Aspect Development, AtWeb, Billpoint, Commquest, Documentum, Mobile Peak, MP3.com, Nvidia, Pixelworks, Quicklogic, Quickturn, Stratum One, Summit Design and Terayon Communications. "It was an auction process, so who knows what really went on," Lacob said after being awarded the team. The luxury tax apron for the 2021-22 season is set at $143,002,000. Stephen Curry ($11,370,786) Total money all Warriors players made in 2015-2016. Mark Mastrov, founder of 24 Hour Fitness, immediately went after the notion that Ellison's billions made him the best candidate. The other side of the story? The Warriors have 15 investors total, including Lacobs co-chairman Peter Guber, a Hollywood executive with a 20 percent stake. News of Cohan looking to sell his 80 percent stake in the Warriors started in earnest in July 2009. The Golden State Warriors make $201 million in revenue a year as a team. Operator of a sports team intended to participate in basketball matches. With the pandemic causing financial uncertainty across the board, some owners are also looking to offload their NBA team shares in order to free up much-needed capital. The terms of Stevens acquisition were not released. -- Excerpted by permission from 100 Things Warriors Fans Should Know & Do Before They Die by Danny Leroux. WebGolden State Warriors. Going back to 2020, the NBA, MLB, MLS and NHL have changed ownership bylaws to allow private equity funds to invest in sports franchises. The NBA gets a 25 percent cut of the playoff gate revenue, which means a $3,375,000 chunk would be taken out, but the Warriors are still left with an average of $10,125,000 per game. Related by education: Stanford University. Ten days later, Galatioto trimmed the field to four viable bidders, with Ellison and Mastrov as the only two known bidders at the time. Former UFC Mens Bantamweight champion Cody Garbrandt celebrated a triumphant return to the Octagon on Saturday night. Stevens, who is a part time lecturer at the Stanford Graduate School of Business, earned a B.S. After that process, the most serious bidders would get full access and the ability to kick the tires on the Warriors but still had to finalize their bid without knowing the offer of any other group. The NBA gets a 25 percent cut of the playoff gate revenue, which means a $3,375,000 chunk would be taken out, but the Warriors are still left with an average of $10,125,000 per game. Get the full list, Youre viewing 5 of 14 board members. 3P%:3-Point Field Goal Percentage; FTM:Average Free Throws Made; FTA:Average Free Throws Attempted; Lacob was on the phone waiting for the official word the deal was done. That transaction price would value the Warriors at US$5 billion when factoring in their US$800 million in debt, says the report, which cites three sources close to the situation. The company's team participates in different basketball tournaments in the United States, as well as offers entertainment for sports lovers, enabling audiences to enjoy their favorite game and cheer for the team they support. Kristaps Porzingis (1,209) set a new career-high for points scored in a single season (previously 1,196 in 2016-17). PitchBooks non-financial metrics help you gauge a companys traction and growth using web presence and social reach. Palihapitiyas stake in the Warriors is approximately 10 percent. All Rights Reserved. Here, Scott and Lauren Neustadter talk about falling in love with Taylor Jenkins Reid's novel. That's the third-highest mark in the league, trailing only the Knicks ($4 billion) and the Lakers ($3.7 billion). This certainly makes a lot of sense as the prices of tickets for a potential Game 5 are expected to be very high. WebVisit ESPN to view the Golden State Warriors team stats for the 2022-23 season. Operator of a sports team intended to participate in basketball matches. And these tough losses can be lessons learned, just how to close out, we havent done it yet; Nike statement on Ja Morant: We appreciate Jas accountability and that he is taking the time to get the help he needs. Team Names: 413Kx Key Data Points Twitter Followers 5.5k Similarweb Unique Visitors 15.0K Majestic Referring Domains 314 Golden State Warriors Investors On May 18, the bids start rolling in. It was not until June that it was reported Celtics minority owner Joe Lacob and Mandalay Entertainment CEO Peter Guber were one of the final four. The SPORTS REFERENCE and STATHEAD trademarks are owned exclusively by Sports Reference LLC. You see the big picture of what we can be and what we will be, George said. Although adding another championship to their franchise is a big achievement, they could also lose up to $22 million, according to a piece made by Darren Rovell of ESPN. According to a report by the New York Post, a group of unidentified owners are hoping to sell their stake for US$200 million in the six-time NBA champions as part of an auction that has already begun. "In my experience, this is a bit unusual." Team executives have said in the past that theyd rather win than think about the money theyre leaving on the table by not taking a series longer. WebForbes released its annual NBA franchise valuations Wednesday, and Golden State now is worth an estimated $3.5 billion. Were extremely excited about the addition of Mark to our ownership group, said Lacob. Location: San Francisco, California Team Names: Golden State Warriors, San Francisco Warriors, Philadelphia Warriors Seasons: 77; 1946-47 to 2022-23 Record: 2912-3090, .485 W-L% Playoff Appearances: 36 Championships: 7 Do you have a blog? All rights reserved. And if I didn't think so we wouldn't have done this." Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile. That's the third-highest mark in the league, trailing only the Knicks ($4 billion) and the Lakers ($3.7 billion). "Unfortunately, you can't have a hostile takeover of a basketball team." The Warriors derive about 80% of their revenue from the Chase Center which the franchise owns with the ability to earn millions more per home game than other teams. 'Daisy Jones & The Six' is breaking records and topping charts. It was America's first win since 1982 and Ellison was onboard the BMW Oracle when it won. The Warriors officially announced the sale was complete to Lacob and Guber but the drama was not over. Last year the league permitted Dyal Capital Partners to take passive stakes across multiple teams, with reports suggesting the firm is in the process of raising as much as US$2 billion to spend on NBA franchises. The Warriors are said to have 15 investors in total, including Joe Lacob and Peter Guber, who own 35 per cent and 20 per cent of the team respectively. Our reasoning for presenting offensive logos. Our Standards: The Thomson Reuters Trust Principles. $88,868,997. Palihapitiyas stake in the Warriors is approximately 10 percent. How much the Warriors are worth (Forbes estimate) $1.9 billion. It also wont be a bad idea to eliminate the defending champions early, to prevent them from regaining their confidence, and pulling off another epic comeback, just like they did last year. "I'm trying. The Warriors derive about 80% of their revenue from the Chase Center which the franchise owns with the ability to earn millions more per home game than other teams. The luxury tax apron for the 2021-22 season is set at $143,002,000. Warriors ownership group could lose up to $22 million with a sweep of the Finals. The owners dont want to put in more money, the source said of the planned sale. We have tools and resources that can help you use sports data. That process and its success provided fans a glimpse into the relentlessness he would bring to the Warriors, along with endless pockets that could make the Warriors relevant in a changing, more expensive NBA. By widening the pool of potential buyers, the league is hoping to generate greater competition and, in turn, fuel further rises in team valuations, as well as offering limited partners a way of cashing in on their investments. Please note that players may not be in the uniform of the correct team in these images. How much the Warriors are worth (Forbes estimate) $1.9 billion.

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