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Michael Jordan Buys The Charlotte Bobcats

Posted by Media Outrage on March 18, 2010

Michael Jordan is continuing to expand his already lucrative empire.  Yesterday he was approved by the board to purchase majority ownership of the Charlotte Bobcats, making him the first ex-player to ever own a team.

Michael Jordan became a basketball star at North Carolina. Now he’ll try to turn around the state’s money-losing NBA team by becoming the first ex-player to be a majority owner in the league.

The NBA’s Board of Governors on Wednesday unanimously approved Jordan’s $275 million bid to buy the Charlotte Bobcats from Bob Johnson. Jordan will immediately take over the team after functioning as a minority investor with the final say on basketball decisions since 2006.

“Purchasing the Bobcats is the culmination of my post-playing career goal of becoming the majority owner of an NBA franchise,” Jordan said in a statement. “I am especially pleased to have the opportunity to build a winning team in my home state of North Carolina.

“I plan to make this franchise an organization that Charlotte can be proud of, and I am committed to doing all that I can to achieve this goal.”

The six-time NBA champion and five-time league MVP will be charged with turning around the fortunes of the 6-year-old Bobcats, who are on pace to lose about $30 million this season because of sluggish ticket and sponsorship sales.

The 47-year-old Jordan, who will assume about $150 million in debt in the deal, becomes the second black majority owner of a major pro sports team. He replaces the first in Johnson, who paid $300 million for the expansion franchise, but lost tens of millions annually and saw the value of the team decline as Charlotte fans struggled to warm to the NBA again after the Hornets left for New Orleans in 2002.

Johnson won’t completely end his relationship with the team. A spokeswoman for Johnson said he’ll be a minority investor in Jordan’s ownership group.

“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 said in a statement. “As the new majority owner of the Bobcats, his dedication will be stronger now more than ever.”

Commissioner David Stern predicted last week the deal would be easily approved by the league’s owners. Stern said last week that background and financial checks on Jordan produced nothing that would stop the deal, and expressed optimism Jordan’s iconic status in this area will boost the franchise.

Jordan grew up in Wilmington, N.C., and led North Carolina to an NCAA title with a last-second shot before starring with the Chicago Bulls. Jordan briefly ran the Wizards basketball operations and returned as a player with Washington before being fired from his management role in 2003.

“We are pleased that Michael Jordan’s purchase of majority ownership of the Bobcats was approved by the NBA’s Board of Governors and closed in such a smooth and expeditious fashion,” Stern said. “We look forward to the continued growth of the Bobcats, on and off the court, under his leadership.”

The Bobcats (35-32) won their first game with Jordan in charge. Sitting courtside near the Charlotte bench on Wednesday night, Jordan watched the Bobcats rally to beat Oklahoma City 100-92 to maintain their hold on sixth place in the Eastern Conference. Team officials hope a playoff appearance after Jordan takes control will boost interest in the franchise, which plays in a 5-year-old downtown arena.

“While there is still plenty of work to do both on and off the floor, our attendance, television ratings, corporate support and on-court performance are headed in the right direction,” Bobcats president Fred Whitfield said. “That trend will only continue as Michael transitions into all facets of our business.”

Jordan, who has declined interview requests since striking a deal to buy the team on Feb. 26, is scheduled to hold a news conference on Thursday night.

6 Responses to “Michael Jordan Buys The Charlotte Bobcats”

  1. MissTX said

    Good for him.

  2. Yeah I Said It said

    I don’t really care for Bald Eagle,however I just notice how long and thin his fingers are. Long is nice but thin????

  3. MissStep said

    Congrats! Make that money.

  4. elove said

    all well and good. now let’s see if he actually comes to Charlotte now.

  5. R. E McGillicuddy said

    I am afraid Michael is going to find out how fickle Charlotte fans really are. After years of being robbed by other team owners, the well has run dry. Taxpayers got burned on two stadiums, and saw George Shinn leave town like a carpet bagger caught with his hand in the cookie jar. I wish Michael well, but he may be throwing good money after bad.

  6. R. E McGillicuddy said

    No doubt the deal went through like shit through a goose. The NBA fat cats were damned glad to siphon $275 million off another sucker. I’m afraid George Shinn ate the golden goose long ago, and departed for New Orleans, leaving others to hold the bag. If Charlotte had been dumb enough to keep meeting his demands, the entire town would be broke by now.

    Having to close Charlotte library branches today, while still funding the NASCAR fiasco should tell us something.

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