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This article just came out this morning. Not sure Charlotte was the best place to put another NBA team based on fan support. The article says Johnson spent$330 million to start the Bobcats, which is now worth $284 million, good for 29th out of 30 in the NBA (word to Milwaukee).
Johnson told Observer columnist Scott Fowler last month that he'd like to sell controlling interest to minority owner Michael Jordan, theformer NBA star who oversees the team's basketball operations. Since then, according to multiple NBA sources, Johnson has begun looking for other potentialbuyers.
Jordan wasn't available for comment Thursday. An NBA spokesman confirmed that the league is aware Johnson is seeking investors and that Galatioto isassisting him.
It's unlikely a change in ownership would result in the team leaving Charlotte. The team's arena-lease with the city calls forsevere financial penalties should the team move out of Time Warner Cable Arena. Also the NBA would have to approve a move, and few cities without teams have anNBA-quality arena.
However, Charlotte has had a tepid response to the Bobcats. This past season their average home attendance was 14,526, 26th among 30 NBAteams.
Linky
Johnson told Observer columnist Scott Fowler last month that he'd like to sell controlling interest to minority owner Michael Jordan, theformer NBA star who oversees the team's basketball operations. Since then, according to multiple NBA sources, Johnson has begun looking for other potentialbuyers.
Jordan wasn't available for comment Thursday. An NBA spokesman confirmed that the league is aware Johnson is seeking investors and that Galatioto isassisting him.
It's unlikely a change in ownership would result in the team leaving Charlotte. The team's arena-lease with the city calls forsevere financial penalties should the team move out of Time Warner Cable Arena. Also the NBA would have to approve a move, and few cities without teams have anNBA-quality arena.
However, Charlotte has had a tepid response to the Bobcats. This past season their average home attendance was 14,526, 26th among 30 NBAteams.
Linky