| Bob Johnsons ownership of the Bobcats team | | | | think if Michael makes a commitment and shows |
| was rocky from the beginning. Since he paid the | | | | dedication, he can be very successful. He's a big |
| NBA $300 million for the expansion franchise in | | | | icon in this part of the country." |
| 2003, the founder of Black Entertainment | | | | Former Houston Rockets executive George |
| Television hasn't come close to turning a profit | | | | Postolos, who had an ownership group together |
| because of poor attendance, lagging sponsorship | | | | to buy the team before Jordan swooped in at the |
| sales and a failed attempt to start a regional | | | | last minute, thinks the deal shows Jordan really |
| sports television network. | | | | wanted the team. |
| The teams attendance averaged just over | | | | "It's a very substantial part of his net worth," |
| 14,000 per game and ranked 26th of 30 NBA | | | | Postolos said. "He's very, very committed." |
| teams last year. | | | | If Johnson had to let the team go, then Charlotte |
| There has also been some talk that the Mississippi | | | | resident and best-selling author Omar Tyree says |
| native who does business up and down the | | | | Michael Jordan is the ideal buyer. The best case |
| Atlantic seaboard has also suffered in Charlotte | | | | scenario is to continue to have a man of color |
| because he lacks roots in the community. If that | | | | own a major American sports team in the era of |
| is the case, the Bobcats team will benefit from | | | | Obama, reminds Tyree, in an interview with We |
| the new leader of the ownership team, Michael | | | | need to have that to inspire more African |
| Jordan. Minutes before his exclusive negotiating | | | | American ownership, and be a part of the bigger |
| window expired, Jordan struck a deal to take | | | | business opportunities that typically pass us by. |
| over the money-losing team in his home state. | | | | Jordans $275 million bid for the team was formally |
| Johnsons net worth is currently estimated at | | | | approved by the NBA Board of Governors on |
| $550 million by Fortune magazine. He was the | | | | March 18. With his recent acquisition of the team, |
| founder of the BET network and before the | | | | Jordan hopes to lead the team in a new direction. |
| recent economic downturn was noted for being | | | | I plan to make this franchise an organization that |
| the first African American billionaire when Viacom | | | | Charlotte can be proud of, and I am committed |
| purchased BET for $3 billion in 2003, including | | | | to doing all that I can to achieve this goal, Jordan |
| Johnsons 63 percent stake. That same year he | | | | said. |
| became the first African American principal owner | | | | NBA Commissioner David Stern is pleased to |
| of a North American major sports franchise (not | | | | have Jordan as owner of the Bobcats team. "We |
| including Negro League baseball teams) when he | | | | are pleased that Michael Jordan's purchase of |
| purchased the Bobcats team. | | | | majority ownership of the Bobcats was approved |
| The sale puts Jordan, the biggest basketball star | | | | by the NBA's Board of Governors and closed in |
| of his generation, in charge of a 6-year-old team | | | | such a smooth and expeditious fashion. We look |
| that's never made the playoffs, has struggled to | | | | forward to the continued growth of the Bobcats, |
| win over fans and has more than $150 million in | | | | on and off the court, under his leadership." |
| debt. | | | | The first order of business will be to see if the |
| Can it work? | | | | Bobcats qualify for the NBA playoffs this season |
| "If he's going to be an absentee owner, just like | | | | for the first time. In the NBA, success on the |
| Bob was, it's not going to work," Felix Sabates, a | | | | court can take care of other problems rather |
| NASCAR team owner who also holds a minority | | | | quickly. |
| stake in the Bobcats told the Associated Press. "I | | | | |