OAKLAND, Calif., July 14 (UPI) -- Software mogul Larry Ellison was on the verge of buying the NBA's Golden State Warriors Tuesday, sources told the San Francisco Chronicle.

The newspaper said Ellison was high bidder for an 80 percent stake in the franchise currently held by majority owner Chris Cohan.

The price tag for the acquisition has been estimated at between $315 million and the record $401 million paid for the Phoenix Suns in 2004, the Chronicle said.

Ellison, founder of Oracle and the head of the syndicate that won the America's Cup this year, has been pre-approved by the league and will not likely see any opposition to the purchase, the report said.