Newskoolbulls
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http://sports.espn.go.com/nba/news/story?id=4200269
After losing tens of millions of dollars, the first black majority owner of a major professional sports team is exploring selling the Charlotte Bobcats.
Bob Johnson's decision could pave the way for minority investor Michael Jordan to take control of the team -- if he's willing to meet Johnson's price.
In February, Jordan said he'd like to increase his stake in the team.
"My interest to grow as an investor is still strong," said Jordan, who was voted into the Basketball Hall of Fame last month. "Purchasing the whole team I don't think that's an option right now. But if parts of the team become available, financially, if I can afford it, I'd definitely like to grow my investment."
Finding an agreeable price may not be easy. Forbes magazine recently valued the team at $284 million, less than Johnson's expansion fee. The team plays in a city hard hit by the financial crisis, and the credit crunch could hurt any deal of that magnitude.
However, the team also keeps all profits from the downtown Charlotte arena it operates and the Bobcats have improved on the court. Jordan hired Hall of Fame coach Larry Brown last year and he guided the Bobcats to a 35-47 record, the best in the franchise's five seasons.
I doubt MJ buys this team alone, he will need some more people to help him financially. To bad he got divorced because he could have used that 250 mil he gave to Juanita and put it towards the Bobcats.
After losing tens of millions of dollars, the first black majority owner of a major professional sports team is exploring selling the Charlotte Bobcats.
Bob Johnson's decision could pave the way for minority investor Michael Jordan to take control of the team -- if he's willing to meet Johnson's price.
In February, Jordan said he'd like to increase his stake in the team.
"My interest to grow as an investor is still strong," said Jordan, who was voted into the Basketball Hall of Fame last month. "Purchasing the whole team I don't think that's an option right now. But if parts of the team become available, financially, if I can afford it, I'd definitely like to grow my investment."
Finding an agreeable price may not be easy. Forbes magazine recently valued the team at $284 million, less than Johnson's expansion fee. The team plays in a city hard hit by the financial crisis, and the credit crunch could hurt any deal of that magnitude.
However, the team also keeps all profits from the downtown Charlotte arena it operates and the Bobcats have improved on the court. Jordan hired Hall of Fame coach Larry Brown last year and he guided the Bobcats to a 35-47 record, the best in the franchise's five seasons.
I doubt MJ buys this team alone, he will need some more people to help him financially. To bad he got divorced because he could have used that 250 mil he gave to Juanita and put it towards the Bobcats.
