Thursday, March 18, 2010

News: Michael Jordan Becomes 1st Ex-Player To Become Majority Owner Of An NBA Team

The NBA's Board of Governors recently unanimously approved the great one's $275 million bid to buy the Charlotte Bobcats from BET founder Bob Johnson...This means that after functioning as a minority owner for the past 4 years in Charlotte, MJ will formally take control of the North Carolina franchise.

Jordan is only the 2nd Black majority owner of a major pro sports team ever...

While he's definitely breaking new ground and breaking barriers down there are a few catches...

Catch no.1: Jordan also is inheriting $150 million of the debt in the deal, and the Bobcats are standing to lose another $30 million by the end of this year due to poor ticket sales and bad sponsorship deals...

Catch no.2: Bob Johnson isn't totally out of the picture. In fact Mr. Johnson will remain holding a minor stake in the team.

Hmmmm....If anyone can turn them around it's MJ, but he's gonna have to stop drafting guys from his Alma Mata and start getting serious about his personnel. The Bobcats are currently sitting in 6th place in their division with a dismal, sub .500, 35-32 record. This season is all but lost...time for MJ to get off that golf course, ditch the new trophy GF for a minute, get out of them night clubs and roll up his sleeves. The Bobcats are a young franchise, but there's already a culture of losing in Charlotte. That's always tough to reverse, but I can't help but believe in Mike.

If your interested in his plans on the matter, MJ's holding a press conference tomorrow evening about it.


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