Michael Jordan is reportedly interested in buying a majority stake in the Charlotte Bobcats. MJ is already a minority owner with Bob Johnson retaining majority ownership in the team. Johnson is the founder of BET and purchased the rights to the expansion team for $300 million in 2003. Jordan’s official title is Managing Member of Basketball Operations.
Unfortunate for Johnson, Forbes recently valued the team at $284 million. Forbes also says that MJ made around $45 million just this past year alone. If you extrapolate that number over a few decades (subtract some hefty gambling losses) you have a very wealthy man who could put together an ownership group to realistically purchase the Bobcats.
Johnson has apparently lost million in this investment but the team is coming off of their best season yet. Although they failed to make the playoffs they are in a better position than they have ever been prior.
The biggest problem that the new owners will face is likely the economic struggles everyone is feeling in the Charlotte area. You can purchase season tickets for as low at $10 per game. Furthermore, the Bobcats have already lowered 6 of their 13 ticket tiers heading into next season in an effort to stimulate fans interest.
Michael Jordan interested in buying Bobcats [AP]
