Anyone have $325-350 million laying around? That's the price Black Entertainment Television founder Robert Johnson wants for his controlling stake in the Charlotte Bobcats, according to the Charlotte Observer's Rick Bonnell (via The Baseline).Johnson has been rumored to be looking to offload the struggling franchise for months, telling an Observer columnist last month he's not terribly interested in running a basketball team and hoping minority owner/team president Michael Jordan would pony up. (Apparently, MJ is not breaking open the piggy bank.)
Interestingly, the New York broker Johnson has turned to for help -- Sal Galatioto -- told the Wall Street Journal last winter that it's a really, really, really bad time to be selling a major league franchise, what with the cost of credit (not too many folks actually have $325 million in cash) and the shrunken state of American discretionary income. Mix in that Charlotte's been a bad draw since the franchise's creation in 2003, and well ... good luck, Bob.
Bonnell supplies evidence that the team wouldn't leave Charlotte due to its lease agreement and the fact that Time Warner Arena in Charlotte might be the most valuable part of a prospective franchise purchase (with all due respect to Boris Diaw).
Comments (Page 1 of 1)
Johnson sold out with BET, then took a giant dump on Obama to support Hillary. Then he brings this wack franchise to my state to make money of my fellow Carolinians, not realizing that our teams have to play by our terms and that's why we let the Hornets be on their merry way.
I hope that franchise plummets in value and he can't sell it for more than a half million dollars and I hope whoever buys the Bobcats takes them to Birmingham or Omaha or some other city without any pro franchise and I hope it turns into a major cash cow for whoever buys it from Johnson and moves it and he cries about all the money he could have had.
I think losing the Hornets was great for the Panthers and I hope we lose the Bobcats too and all come together to rally behind Jerry Richardson and the franchise that reflects the heart of the people of Carolina
soulcitysigma1914 are you serious?
Hopefully the new owner is named Bob as well.