Tribune News Services
CHARLOTTE, N.C. -- Michael 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 team's basketball operations.
The purchase price and details of Jordan's ownership group -- called MJ Basketball Holdings LLC -- weren't immediately available. Blunt said Johnson would have no further comment.
Former Houston Rockets executive George Postolos also bid on the Bobcats and didn't immediately return a message seeking comment.
Photo: Michael Jordan talks with reporters in 2007. (AP / The Charlotte Observer, Todd Sumlin)
NBA commissioner David Stern announced at All-Star weekend that a deal was imminent, but the league's owners must still approve the purchase.
It will end Johnson's 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 Bulls and has made millions selling sneakers, apparel and other items. Now he'll begin a completely different role trying to make the Bobcats a winner, and the franchise and Charlotte's 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, he's 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 missteps -- drafting the disappointing Adam Morrison No. 3 overall in 2006 -- but 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 from Golden State has helped Charlotte get into playoff contention in the Eastern Conference.
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Jordan is the king of basketball
www.vanfo.com
Hurly Burly can't even spell "knuckle" right. That hurts the insult effectiveness a little as you try to run others down.
@JoJo Thanks for the reminder that there are really some stupid people out there. Scary. I know you're probably a little cranky because it's the end of the month and your welfare money has run out, but don't fret a new month means a new check is on it's way. Nuckle dragging, mouth breathing, neanderthal dumbass drain on society.
the job isn't big enough for his monumental ego....and who cares?
Who cares?
Great player, clueless owner/exec. Adam Morrison, anyone?
@ 'JoJo'... do some research before you spew nonsense. you big dummy!
what's with those ripped up high-waisted jeans, jump 23? ewww.
I used to love to watch pro basketball. Until the league was invaded by thugs and the NBA did nothing to prevent it's image from bottoming out. Hopefully MJ will do something to turn around it's image, he has always been a sharp businessman for the most part, especially with his shoes. I was actually in his house once delivering stuff while in HS. It was very nice, but not my taste.
JoJo-The guy has a degree from UNC. Congratulations....you're a moron. Do some research next time before opening your ignorant mouth. Of course, anyone named "JoJo" most likely isn't a master of education. Idiot...
I meant to say: "certain people" just can't do anything right in your eyes.
@Alex - I guess when you say "dressing like a thug", you must mean like a thug from Jersey Shores because they are the only "thugs" I see wearing clothes like that! What an idiotic response!
@JoJo - Your response is just as idiotic. I guess "certain people" just can't do anytight in your eyes. This is a completely positive (or at least neutral) article but you are on here complaining. You're talking like you have personal knowledge of MJ's personality ("ask any non-media or rich person"????). I'm assuming you run with this rich crowd that you're suggesting we ask about MJ. Many people think rich people & celebrities are arrogant. That tag comes with being rich. He's no longer an NBA player, so why would the media have a reason to paint a rosey picture of him now?!?!? Let me guess, MJ pays all of them to act like he's a nice guy.
I really wonder what it feels like to wake up & just be negative about everything. There are really some sad people out there!
JoJo, I believe he went back to North Carolina and rec'd his degree... Whatever problems you have with him, is just that...YOUR PROBLEM
I bet all the Morons that are criticizing MJ are the same one who were cheering him when the Bulls were winning all of thoses titles for the Bulls. Congrats MJ!!!
Michael Jordan graduated from North Carolina in 1986. Millions of dollars from sponsors and his own brand have been good enough business decisions to make millions of dollars. Or more money than JoJo's uneducation a$$ will ever see in his life.
I don't think he's making a wise decision but I think Mike is far from uneducated.