Michael Jordan reaches deal to buy NBA's Bobcats

[Alucard]

http://www.cnn.com/2010/SPORT/02/27/michael.jordan.bobcats/index.html?hpt=T2
CNN) -- Retired basketball icon Michael Jordan bought a majority share of the NBA's Charlotte Bobcats, officials said Saturday.

Jordan, who was already a minority owner of the team, headed a group that bought a majority share of the team from businessman Robert Johnson, Johnson said in a statement.

Johnson said he has signed a "definitive agreement" to sell majority interest of Bobcats Sports and Entertainment to Michael Jordan and MJ Basketball Holdings, LLC. The deal is subject to NBA approval. Details on the purchase price were not available.

Jordan has overseen the team's basketball operations in recent years. He won six NBA titles with the Chicago Bulls.

Johnson, who founded BET and sold it to Viacom for $3 billion in 2001, announced that he had been looking for someone to buy earlier this year.

His fortune was depleted by an expensive divorce, but in a 2009 interview with CNN, Johnson estimated his net worth was still $1.1 billion.

Johnson's resume is full of firsts: BET was the first African-American owned company traded on the NYSE. He was the first African-American billionaire in the United States. And, in 2002, he became the first African-American majority owner of a professional sports franchise.

 

[DarkAudit]

Bad, bad move. No one in their right mind should be buying into an NBA team right now. This is purely an ego move.

bill Simmons has an outstanding article about the current NBA woes here.

 

[drifter]

I dunno, while I agree it's a huge ego move, I think now is a pretty good time to buy into an NBA franchise if you have the pockets to weather the possible lockout. As Warren Buffet says, "Be fearful when others are greedy and greedy when others are fearful." The owners are going to come out of the coming negotiations in pretty good shape, at the expense of the players. And let's face it, owning a sports franchise is ALWAYS an ego move.

Jordan's gonna run that team into the ground, though. Makes me feel bad for all 12 of those Bobcats fans.

 

[Math242]

actually no i don't think he'll run it into the ground. Higgins and Brown are doing some good work. Bobacts are getting better

 

[drifter]

I don't know, man. Jordan's tenure as Wizards president still looms large in my memory, not to mention the Adam Morrison debacle. And Brown's a great coach, but it's not like he has a great track record when it comes to sticking around with one team. Of course, I don't pay much attention to the 'cats, so I have no real feel for the team's prospects. And you're right; the Bobcats have been doing pretty well for themselves. The Jackson trade was absolutely great for them.

 

[Math242]

Jordan is not a very good GM. That much is clear.

Kwame Brown was an horrible N°1 pick. but there's been worse. (ie: Olowokandi. GG Baylor)

However, Morrison, you can't really blame him that much. He was supposed to be a safe pick coming of 25+ ppg in college. no defense?, who gives a shit in today's nba.

Felton and May, they took them because of the NC connection but it costs them... there were much better players available.

So yeah, Track record = mediocre at best.

However, he won't be GM now, he'll own the team. And Mike's love for the game can never be doubted. ever. With his marketing power, his appeal to people, He could very well be the boost the bocats really need.

Jordan is smart and lets Brown do whatever the hell he wants so he stays 4 years instead of 2 and builds a playoff team.You see it happening now. Their roster, on paper, is horrible. Yet, i'll bet money they ll be 7th or 8th in the east. That's Brown, thank you ver much.

I also predict half the roster is gone in the summer and free agents begin to think about Charlotte as a possible destination within 2 or 3 years because Jordan will make sure they get paid.