Jordan Close to Bobcats Ownership | IXGAMES

The NBA has already signed off Michael Jordan’s bid to buy the Charlotte Bobcats. Commissioner David Stern expects the approval from the league’s board of governors to be attained by the end of next week. Final steps for the deal Once approved, Jordan will be the first ex-player to own an NBA team and also the second black majority owner. He will be replacing the first, Bob Johnson, who has been losing tens of millions of dollars every year. Jordan is putting up all the cash, which is less than the $300 million that Johnson paid. While he is at present the sole investor in the ownership of the team, Jordan may look for local partners. In an interview with the Associated Press, Stern says that he is expecting the vote to pass easily. The league has updated the background and financial checks on Jordan and nothing was found that would stop the deal. What’s in it for Jordan Jordan has been a part-owner of the Bobcats since 2006. Being the majority owner this time will make his return home to North Carolina complete. He grew up in Wilmington and brought North Carolina to the national championship before gaining basketball superstardom with the Chicago Bulls. In terms of financial implications, Jordan will have more than $150 million in debt. He will also be expected to cover future losses and put in more capital for improvements to make sure that the team will make a turnaround. This season, it is estimated that the Bobcats will be losing around $30 million. For Johnson, this will be the end of his money-losing run with the Bobcats. The value of the team declined since its return to Charlotte, after the Hornets left for New Orleans in 2002. The team has been struggling to sell tickets and secure sponsorships since then. Optimism for Jordan to turn things around Nevertheless, Stern expresses optimism that the NBA’s presence in Charlotte will be successful once again. He notes that Jordan has the necessary determination and business skills necessary to make the turnaround. Since buying into the team in 2006, Jordan just kept a low profile in Charlotte. But since the deal was announced, he has become more visible. Jordan has been seen sitting courtside next to the Bobcat’s bench during the most recent home games. A lot of Jordan’s friends assure the public that Jordan will be doing everything to meet the challenges. Los Angeles Lakers coach Phil Jackson, Jordan’s coach in Chicago Bulls, says that Jordan’s familiarity to the community will bring people to watch the team’s games. Dallas Mavericks owner Mark Cuban adds that he is positive that Jordan will be a great owner, one that will push the Bobcats to be a winner both on court and at the box office. Aside from being touted as perhaps the greatest basketball player of all time, Michael Jordan has also been a minor league baseball player, a movie star, a professional basketball team coach, a product endorser, and a restaurateur.