NBA's Golden State Warriors has been sold for a record 450 million dollars to Boston Celtics minority partner Joe Lacob and Mandalay Entertainment chairman Peter Gruber, CNBC reported on Thursday.

An article posted on CNBC.com put the price at 450 million dollars, surpassing the previous record paid for an NBA franchise, 401 million dollars paid by Robert Sarver for the Phoenix Suns in 2004.

Lacob and Guber beat out Oracle chief Larry Ellison, who had been considered the favorite to buy the team from Chris Cohan.

Cohan bought the club in 1995 for 119 million dollars. The franchise was valued at 315 million dollars by Forbes in December of last year.

The Warriors have made the playoffs only once since Cohan bought the team.

In 2007 they became the first eighth-seeded team to beat a top seed in a best-of-seven series, but fell in the next round. They won 48 games in the 2008 regular season but didn't make the postseason.

Any sale must still be approved by three-quarters of the NBA Board of Governors. Lacob will also have to sell his interest in the Celtics.