The fact that today the NBA's Board of Governors unanimously approved the purchase of the Bobcats by Michael Jordan is a "no-duh" sort of story that sounds bigger than it really is. This approval has been a given for weeks since Jordan exercised his right of first refusal and bought the team from Bob Johnson in February -- NBA Commissioner David Stern and many others basically said so long before this happened today.
What is going to be very interesting now, though, is that the sale becoming official means that Jordan will now unveil his vision for a team that he owns. After his Hall of Fame career, Jordan now is the first former player to become the majority owner of an NBA team.
I think he's going to be a fine owner as long as he's "all-in," as I wrote in this column last month.
Jordan will hold a press conference at 6 p.m. Thursday -- a press conference that should be very interesting because MJ has had a long time to think about what he wants to say.
The Bobcats as a team already have Jordan's stamp imprinted upon them -- most notably because he was the one who got Larry Brown to coach this group. But what will the Bobcats as a business do differently? And now that Jordan is basically on the hook for $275 million -- the discount purchase price of a team that originally cost $300 million -- what will he do differently?
So Thursday should be an enlightening day, Bobcats-wise. Meanwhile, the Bobcats themselves play a home game tonight, against Oklahoma City, as they try to stay inside the NBA playoff bubble.
We're moving!
9 years ago
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8 comments:
As long as the Bobcats play with determination and passion and make the playoffs this year, they will be fine. Michael has proven to be a winner at every level once he learned the ropes.
I think its great. Jordan took the first step yesterday by sending out a group message to all season ticket holders by phone, thanking them for this season and to continue the experience next year. Though it was a recording, it was still exciting to say I got a call from Mike!
Jordan didnt have anything close to 275 million in the bank. He prob didnt have 1 million. The guy hasnt played NBA in yrs and spent all what he made then. Who did he borrow it from? A loan shark? BJ?
He better hope the Bobcats do good otherwise he may realize he got reamed by Johnson.
Given any professional sports audit and due diligence process Jordan has or has direct access to funds. All, please think about this: As minority owner, why in the world would MJ use all of his personal and brand clout to make the team successful? This would give BJ all the credit and financial benefits. MJ clearly played it smart and is now using his best asset, himself, to 'bring the franchise from ruins', thus increasing the value and legend of his brand. Once thats done, he can move the team to Raleigh-Durham while requesting a new arena.
Well if they want to move then they are going to owe the city of Charlotte a boat load of cash for the arena and the buyout on the 30 year lease. So, it is doubtful that they leave. Could they play games around the State? Yeah, but they will not move.
Scott, don't you know that Forbes has reported -- and the league office tried to deny -- that Jordan only paid $175m. for the franchise, just $25m. in cash, the rest financed by the NBA?
That $275m. number came straight from David Stern -- no where else. The key is the enterprise value of the team, not the goodwill, future capital, etc. that the league wants to roll into an imaginary purchase price.
Put another way -- if MJ deed indeed pay $275m. -- who are his partners? If he does not tell you at that presser, you can bet he did not pay that price.
Ryan probably is a big fan of rushie and failin palin, sounds about right.
Scott, I truly applaud with what Jordan wants to do to make his team what it is and as a loyal fan and supporter since Day 1, I hope MJ can prove everyone wrong as an NBA owner.
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