- Joined Jul 21, 2004
CHARLOTTE, N.C. (AP)âMichael Jordan has struck a deal to buy controlling interest of the Charlotte Bobcats, putting the former NBA superstar in charge of the money-losing team in his home state.
Traci Blunt, a spokeswoman for owner Bob Johnson, told The Associated Press that Jordan was able to put together an ownership group late Friday to buy the team he has been a part-owner of since 2006. Jordan has been running the teamâs basketball operations.
The purchase price and details of Jordanâs ownership groupâcalled MJ Basketball Holdings LLCâwerenât immediately available. Blunt said Johnson would have no further comment.
Former Houston Rockets executive George Postolos also bid on the Bobcats and didnât immediately return a message seeking comment.
NBA commissioner David Stern announced at All-Star weekend that a deal was imminent, but the leagueâs owners must still approve the purchase.
It will end Johnsonâs stint as the first black majority owner of a major professional sports team, while giving Hall of Famer Jordan a new venture.
Jordan won six NBA titles with the Chicago Bulls and has made millions selling sneakers, apparel and other items. Now heâll begin a completely different role trying to make the Bobcats a winner, and the franchise and Charlotteâs downtown arena profitable.
After paying $300 million for the expansion franchise that began play in 2004-05, Johnson has lost tens of millions of dollars each season as the Bobcats have struggled to draw fans and find sponsorships.
Johnson, the founder of Black Entertainment Television, recruited Jordan to be a minority investor and gave him the final say on all basketball decisions.
Jordan has had a unique role with the Bobcats. While he has run the basketball operations, heâs not officially a team employee and rarely attends practices or games, or does work on the marketing side of the operation.
Jordan has had some misstepsâdrafting the disappointing Adam Morrison(notes) No. 3 overall in 2006âbut he was also able to lure Hall of Famer Larry Brown to become coach at the beginning of last season.
Jordan and Brown have made seven trades involving 21 players since the start of last season. The November acquisition of Stephen Jackson(notes) from Golden State has helped Charlotte get into playoff contention in the Eastern Conference.
Article via Yahoo
Mods, this may be my bad as this should go to the S/T Forum but I'll try to relate this to Jordan Brand in particular by throwing out the joke/notion that JB could/should throw Adidas out the window with this. I know that's far fetched as the Adidas contract is league-wide, which ofcourse cover any team, including the Bobcats. So "smoke but no cigar" there. But however from a Business standpoint, this definitely opens up additional commercial earnings for JB in the Charlotte area by providing team exclusive merchandise...We saw how Jordan himself in a team practice a few years ago was very quick to cover up the Adi logo on some Bobcat sweats and now that the team is actually his (subject to league finalization and approval)...we might see some more definite Bobcat JB merchandise....
Note the tape on the chest...Familiar huh?
MJ Da OwNeR!!!! (MaZe, this just seemed right)
Question though, would this conflict with the Adi contract, in which the Bobcats can incur fines for having an NBA team logo associated with another brand other than just regular sponsorship?
There were a few tee's like this floating around somewhere online with Jumpman logo's- I think Eastbay...not there now though...maybe EastbayRep can clarify that.
And a quick analysis here, in terms of the franchise...this is probably a good move, basketball and business-wise as we all know Mike has wanted to be an owner for a while and it has been said MANY times that he enjoys golfing rather than scouting and attending practices and games etc...Jordan now has the Final...FINAL say/approval on who can be recruited as head of Basketball Operations, if he chooses to relinquish the role and concentrate on ownership duties (which I think would be the right and logical move- next season). That way personal interests and business aren't clashing, and now more draft "disasters" as was Kwame Brown and Adam Morrsion won't be a situation of blood on his hands....I'm not expecting Mark Cuban-like enthusiasm and money spending but this I think has the potential to be a great earner for the Bobcats and ofcourse MJ/JB in terms of spinoffs and maybe set the trend for former Pro Legends to run/own teams...Magic or Larry next anyone? (We know they don't have the revenue clout like MJ with his amazing Brand but maybe, just maybe...who know's Lebron could end up like this too)