USA - Jordan forks out $240M to take control of Bobcats

CHARLOTTE (NBA) – Michael Jordan has reportedly paid $240 million to take his stake in the Charlotte Bobcats – the NBA franchise in his home state of North Carolina – up to 70 percent.

Jordan, regarded by many as the greatest player in basketball history, is said to have purchased the controlling interest of the team from owner Robert Johnson.

While an exact price was not disclosed, The Wall Street Journal reported that the deal was worth about $240 million which, if confirmed, would be $60 million less than the franchise’s original value.

Johnson, founder of American network Black Entertainment Television (BET), bought the then expansion team Bobcats for $300 million back in 2003.

Jordan, a member of USA’s ‘Dream Team’ which took gold at the 1992 Summer Olympic Games in Barcelona, bought a minority stake in the Bobcats in 2006 and, as part of the deal, joined the front office by becoming the head of basketball operations.

Over the weekend, NBA Commissioner David Stern released a statement, saying: “We have been anticipating an agreement for transfer of majority interest in the Bobcats and are pleased it has occurred. Bob Johnson brought the excitement of the NBA back to Charlotte and I am certain that as Michael Jordan returns to his home state, as the principal owner of the Bobcats, the team will continue its growth as a success on the court, as a business success and as a valued community asset. We expect the expedited approval process to be completed by the end of next month (March).”

Jordan has been looking to buy a franchise for a while and this looks to be a perfect fit as the 47-year-old, who is originally from Wilmington and attended the University of Carolina at Chapel Hill.

As a player, he led the Chicago Bulls to six NBA championships in the 1990s and won a myriad of individual accolades including five Most Valuable Player awards as well as 10 scoring titles. He was inducted into the Naismith Memorial Basketball Hall of Fame last September.

Since starting out in 2004-05, the Bobcats have never finished a season with a positive record or made the playoffs.

They currently rank 22nd out of 30 in attendance in the NBA, averaging just under 15,200 per game, which translates into filling up Time Warner Cable Arena up to only 80 percent of its capacity.

The franchise was brought in to fill the void left by the Charlotte Hornets’ relocation to New Orleans in 2002.

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