MJ Buys Bobcats

Michael Jordan buys the Charlotte Bobcats

By Rick Bonnell
rbonnell@charlotteobserver.com

Posted: Saturday, Feb. 27, 2010

MEMPHIS, Tenn. – Now we find out how the Charlotte Bobcats will operate with Michael Jordan truly in charge.

In the early hours of Saturday morning, Bobcats majority owner Bob Johnson announced he's selling control of the team to Jordan, the Hall of Fame player who has overseen the Bobcats' basketball operation the past few years.

Jordan beat out former Houston Rockets president George Postolos, who led an investor group looking to buy the team. Johnson contacted Postolos late Friday to inform him that Jordan would be buying the team.

"I remain committed to becoming an NBA owner, and I’m glad that Michael will continue to bring his talent to the sport and the league," Postolos said.

It was not immediately clear who will be in Jordan's ownership group. Sources said he was still recruiting investors in the past few days through various intermediaries.

Jordan had a deal with Johnson to be an equity partner and oversee the basketball operation. Included in that agreement was a right of first refusal to buy control if Johnson chose to sell. Johnson has lost tens of millions on the Bobcats and it appears unlikely he would recoup his original investment of a $300 million expansion fee, plus $30 million in working capital.

Jordan has served in his current role with the Bobcats since 2006, after a less than amicable parting with the Washington Wizards, where he also controlled basketball decisions. He chose two of the team's top executives, president Fred Whitfield and general manager Rod Higgins. Both are among Jordan's closest friends.

In Charlotte, Jordan's best moves have included hiring coach Larry Brown and trading for Stephen Jackson, Tyrus Thomas and Boris Diaw. Other moves, including drafting Adam Morrison and hiring former coach Sam Vincent, were more questionable.

The Bobcats are in contention for what would be the franchise's first playoff spot. Friday night they beat the Memphis Grizzlies to break a three-game losing streak.

Jordan's purchase of the team is subject to approval by owners of the other 29 NBA franchises. However, he already has the endorsement of league commissioner David Stern.

Responding to an Observer question during the Saturday of All-Star Weekend, Stern said, "I like the level, (the) increased level, of Michael's involvement and if Michael were a buyer, that would be a good thing.''

Jordan hasn't commented recently, concerning his interesting in buying the team, but he was emphatic with Brown recently about how hard he was trying.

"I'm trying my hardest to get this thing done,'' Brown quoted Jordan as telling him on Feb. 15, the first practice following All-Star break.

Brown has hinted several times that his interest in remaining with the Bobcats could hinge on whether Jordan continued with the franchise.

"Anytime I read a possibility Michael isn't going to be involved, it impacts my family and me. I came here because of him – no other reason,'' Brown said Feb. 15. "After I got here, I realized there are a lot of real pluses to being here. But I wouldn't have thought about'' coaching the Bobcats had Jordan not asked.

"Selfishly, I just don't want to see Michael not involved.''