Michael Jordan Agrees To Buy Charlotte Bobcats

Basketball’s greatest player of all time will finally have his own NBA franchise. In a statement released by Robert L. Johnson, the Charlotte Bobcat’s majority owner, it was confirmed that Michael Jordan has already agreed to by a majority interest in the basketball team. The statement further said that Johnson has signed a definitive agreement to sell the majority interest of Bobcats Sports and Entertainment to Jordan’s MJ Basketball Holdings LLC. Jordan, a Hall of Famer who won six titles with the Chicago Bulls and was also a five-time league MVP, has always been interested in buying a franchise. Being from Wilmington, N.C. and having starred at the University of North Carolina, owning the Bobcats seems to be a natural fit. In fact, Johnson brought Jordan into the team in June 2006 as part time owner, with the responsibility of drafting players. Deal details Being a part owner of the Charlotte Bobcats gave Jordan the right of first refusal to buy the franchise. Another buyer interested in acquiring the team was former Houston Rockets executive George Postolos. Advising Johnson on the sale are Galatioto Sports Partners. The terms of the deal were not disclosed in the statement. However, a source familiar with the deal has revealed that the sale price is based on the franchise value of less than $300 million. Johnson, who founded Black Entertainment Television, paid $300 million in 2003 for the expansion franchise. However, the team has been generating losses due to the rough economy and poor on-court performance. In recent years, the team has engaged in cost cutting measures such as shedding at least 40 jobs to hiring cheap halftime entertainment acts just to save some money. While the deal is still subject to league approval, National Basketball Association commissioner David Stern indicated that the league is pleased about the deal, considering Jordan’s home state ties with the team. The approval process is expected to be expedited and completed by the end of next month. What Jordan will look forward to Jordan will be facing several challenges along with his purchase. The Bobcats, who began playing in the 2004-05 season, has never had a winning record. Struggling at the turnstiles since the beginning, it now ranks at 22 in the 30-team league attendance. It averages 15,193 per game, about 80% of its arena’s capacity. Upon joining the team in 2006, Jordan drafted Gonzaga University’s Adam Morrison who was the third pick overall. The decision backfired though as Morrison injured his knee and struggled during that season. He was later traded to the Los Angeles Lakers. The team is poised for better prospects this season however. Jordan has courted Hall of Fame coach Larry Brown, and under Brown’s leadership, the Bobcats are struggling for their first-ever playoff berth.