Robert Johnson, the owener of the Charlotte Bobcats, is making a push to find prospective buyers. The search is spearheaded by Galatioto Sports Partners, Galatioto began an active campaign just a few weeks back to identify potential buyers for the NBA franchise in Charlotte.
Sounds gamerous; being the owner of an NBA franchise. However, the Bobcats might not be the best investment. The team has yet to turn a profit, and projections based on the Bobcats books point towards additional losses over the next few seasons.
The attempt to get someone in Charlotte to notice their existance the team cut ticket prices by about 17% for the 2009-10 season. According to a league attendance report I found; the Bobcats ranked 26 out of 30 teams in average attendance this past season.
Forbes magazine valued the Bobcats at $284 million in December, putting them next-to-last in the NBA.
The one thing the team does have going for them is their arena. Time Warner Cable Arena (what a name, ugh), is considered to be a major asset by analysts. It is actually publicly owned, howeverthe Bobcats retain all operating rights at the arena.
Charlotte Bobcats Owner Looking For Buyer [WSOC TV]
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