The Warriors issued a press release about the development on their official website on May 14:
"The Golden State Warriors have reached an agreement in principle for Steve Kerr, a 15-year NBA veteran and five-time NBA champion as a player, to become the team's new head coach, the team announced this evening.
"Once the agreement is finalized, a press conference will be scheduled."
According to the NBA's official website, Kerr's deal is for five years and $25 million.
"The Golden State Warriors are taking another chance on a television analyst and former NBA guard who has never been a head coach at any level.
"The Warriors won the bidding war with the New York Knicks for Steve Kerr on Wednesday, hiring him away from the TNT broadcast table to be their coach. Kerr agreed to a five-year, $25 million deal with the Warriors, said his agent, Mike Tannenbaum.
"Kerr had been in talks with the Knicks about becoming their next coach since Phil Jackson took over as president in March. He won three titles playing for Jackson in Chicago and another two under Gregg Popovich in San Antonio.
"Kerr also spent three seasons as general manager of the Phoenix Suns before stepping down in June 2010. He replaces Mark Jackson, who was fired by the Warriors on May 6 after three seasons and back-to-back playoff appearances.
"Kerr said last month that he has wanted to coach since going back to his job at TNT. And while the lure of building a contender with his mentor at Madison Square Garden looked appealing, the chance to coach a Western Conference contender in his home state proved to be too much.
"The Warriors job is certainly a far more attractive one than when owner Joe Lacob hired Jacskson away from the ESPN/ABC broadcast table in June 2011.
"The Warriors are coming off a 51-win season and consecutive playoff appearances for the first time in 20 years, and they've surrounded star Stephen Curry with a talented young core.
"Kerr also has close ties to Lacob and Warriors president Rick Welts, who worked in Phoenix's front office during Kerr's time as Suns general manager.
"And while he has no coaching experience, Kerr played 15 seasons and -- also similar to Mark Jackson -- he has been around some of the most successful sideline leaders."
Aside from the lure of playing in his home state, Kerr was offered a four-year deal by the Knicks as opposed to the five-year contract the Warriors were dangling, per ESPN.
The same update also says Kerr told Jackson he chose the Warriors job because of family reasons. Kerr was reportedly leaning toward the Golden State opening but was having a hard time turning Jackson down. Kerr had been negotiating with the Knicks since Jackson was named team president last March.
Sources also tell ESPN that Kerr thought the Warriors wanted Stan Van Gundy, who eventually signed to be the Detroit Pistons' head coach and president of basketball operations. Once that deal was sealed, the feeling between Kerr and the Warriors was mutual.
ESPN also reveals Golden State never gave up on Kerr even though the team thought he becoming the Knicks' next head coach was imminent.
"Sources told ESPN.com that the Warriors, after initially believing that they had no shot at Kerr because he was 'too deep' into his negotiations with the Knicks, started pressing him as hard as they could to try to change his mind after Golden State's other top coaching target -- Stan Van Gundy -- struck a deal with the Pistons.
"The Knicks, sources said, had been strong favorites to land Kerr, largely because of his longstanding relationship with Jackson."
CSN Bay Area Warriors Insider Monte Poole reveals Lacob and his entourage flew to Oklahoma City, where Kerr was working as a TNT analyst for Game 5 of the Los Angeles Clippers-Oklahoma City Thunder playoff series, to make one last strong pitch at Kerr.
"Warriors CEO Joe Lacob and his relentless cabinet -- general manager Bob Myers and assistant GM Kirk Lacob -- flew to Oklahoma City to make one final, personal appeal to Kerr, who by all accounts had spent weeks leaning strongly toward taking a job with the New York Knicks. "
The 48-year-old Kerr averaged 6.0 points, 1.2 rebounds and 1.8 assists in his 15-year NBA career, per Basketball-Reference.com.