N.B.A. Board Approves Jordan’s Purchase of the Bobcats

[Blue_Tires]

The N.B.A. board of governors on Wednesday unanimously approved Michael Jordan’s purchase of the money-losing Charlotte Bobcats from Robert L. Johnson. The acquisition placed a $275 million value on the team, and Jordan is increasing his small stake to a majority one.

Johnson became the first African-American to own a controlling interest of a sports team when he paid $300 million for the Charlotte expansion franchise in 2002. He is believed to have financed $80 million in team losses, which he no longer wished to do, and accumulated more than $100 million in debt.

“Purchasing the Bobcats is the culmination of my post-playing career goal of becoming the majority owner of an N.B.A. franchise,” Jordan, who became an investor and a team executive in 2006, said in a statement.

Jordan reached an agreement to buy the Bobcats less than a month ago; approval came swiftly because Jordan and Johnson closed the deal quickly and the league was familiar with the finances.

Johnson, the founder of Black Entertainment Television, said in the statement: “The best decision I made since acquiring the Bobcats was to convince my friend Michael to become an investor in the Bobcats and to appoint him as managing member of basketball operations.”

Johnson will keep a minority share in the team, as will Bank of America and Wachovia.

http://www.nytimes.com/2010/03/18/sports/basketball/18jordan.html

Guess I should be happy for MJ finally getting what he wanted, but I can't feel happy for basketball fans in Charlotte -- He IS going to run that franchise into the ground...

Adam Silver, the deputy commissioner of the N.B.A., said in an interview: “This is an opportunity for a rebirth of N.B.A. basketball in North Carolina. Michael invented the sports marketing business in the 1980s with Nike, and given that he’s one of the most competitive people on the planet, there’s little doubt he will turn the franchise around.” The Hornets, who left Charlotte in 2002 for New Orleans, led the league in attendance for eight years.