Michael Jordan reaches deal to buy Charlotte Bobcats

February 27, 2010

CHARLOTTE, North Carolina (AP) -- He has been called the NBA's greatest player and one of the country's top pitchmen. Now Michael Jordan is ready for a new title: NBA owner.

With minutes to go until his exclusive negotiating window was to expire, Jordan struck a deal late Friday night to buy controlling interest of the Charlotte Bobcats, putting the six-time NBA champion in charge of the money-losing team in his home state.

Owner Bob Johnson announced in a statement that he's agreed to sell the Bobcats to Jordan, who 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. A spokeswoman for Johnson and a spokesman for Jordan said neither man was available for comment early Saturday.

The league's owners must still approve the purchase.

Jordan was in competition with former Houston Rockets executive George Postolos, who also had an ownership group together to buy the team. But Postolos said Jordan had the exclusive right to buy the club until just before midnight Friday night.

Jordan hit another last-second shot -- reaching a deal minutes before the deadline.

Source: The Associated Press

 

Very bad move. That team will never reach legitimacy, they have poor coaching and they can't draft worth shit. They're like the Knicks except without a strong history.

 

Would you rather he not own any sports teams?

 

Huh. Suddenly I'm a bobcats fan. (it's my duty, after all, as a true Chicagoan)

 

Well all I gotta say is look at the Wizards. Damn disgraceful fam

 

Michael Jordan's dream of owning a NBA team is finally coming true. He grew up in Wilmington, NC and led University of North Carolina to the 1982 college championship. Here is a pic of him when he played for the University of North Carolina Tar Heels:

 

assuming that Jordan wants to 'start from scratch' in the offseason...

who should be general manager? who should be head coach?
star free agents to sign?

 

After the dismal 7-59 season last year, it's great to see the Bobcats finally be able to start fresh.........