Michael Jordan interested in buying Bobcats
June 25, 2009
By MIKE CRANSTON
AP Sports Writer
CHARLOTTE, N.C.(AP) -- The Charlotte Bobcats are for sale and
Michael Jordan is interested.
First, he has to put an ownership group together.
Addressing the issue on Thursday night for the first time since
the news last month that majority owner Bob Johnson is seeking
to sell, Jordan shied away from going into detail about his
plans. But Jordan, who holds a minority stake in the team and
runs basketball operations, made it clear he'd like to gain
majority control.
"I would like to put together a team to do that, yeah," Jordan
said.
Jordan then quickly turned the attention back to his selection
of Gerald Henderson of Duke with the 12th pick in the NBA draft
and didn't take further questions on the ownership issue.
It remains unclear if Jordan is close to securing the investors
and money needed to buy the team, for which Johnson paid $300
million.
Johnson, the founder of Black Entertainment Television, became
the first black majority owner of a major professional sports
team when he was awarded the expansion team in 2003.
But the club, which began play in 2004-05 season, has struggled
to sell tickets and sponsorships and Johnson has lost millions.
Johnson is using a New York-based sports financial services firm
in hopes of either securing more investors or selling the team
outright.
Jordan's star quality in his home state could help boost the
franchise, but it's uncertain if he could agree with Johnson on
a price.
Forbes magazine recently valued the team at $284 million, less
than Johnson's expansion fee. The team plays in a city hard hit
by the financial crisis, and the credit crunch could hurt any
deal of that magnitude.
However, the team also keeps all profits from the downtown
Charlotte arena it operates and the Bobcats have improved on the
court. Jordan hired Hall of Fame coach Larry Brown last year and
he guided the Bobcats to a 35-47 record, the best in the
franchise's five seasons.

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