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Bobcats owner wants to sell

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Charlotte Bobcats majority owner Bob Johnson has stepped up efforts to sell the team, recently hiring a sports investment banker to look for a buyer. Sal Galatioto, president of New York-based Galatioto Sports Partners, confirmed to the Observer Thursday that he's representing Johnson in a potential sale. Galatioto declined to comment further on the situation. Johnson told Observer columnist Scott Fowler last month that he'd like to sell controlling interest to minority owner Michael Jordan, the former NBA star who oversees the team's basketball operations. Since then, according to multiple NBA sources, Johnson has begun looking for other potential buyers.

Charlotte Observer

Michael Jordan, Getty Images Michael Jordan, Getty Images
May 22, 2009  08:03 AM ET

ok this man is not very smart!!!! make the playoffs the first time then on that HIGH NOTE, SELL SELL SELL......man I should run this damn team

May 22, 2009  08:19 AM ET

Two words: Kwame Brown

May 22, 2009  08:42 AM ET

Bad time to sell. Build the team up first then sell so that the team has a higher value. This would be the best time for Jordan to buy the team because the franchise is at it's lowest value in this depression.

May 22, 2009  09:16 AM ET

What this story doesn't mention is that Bob Johnson didn't even move to Charlotte once he bought the franchise. He stayed in Washington D.C. and now he has become fairly tight with the Obama administration.

He doesn't want to be in basketball and while Guam Baller makes an excellent point about the potential of him not getting a good resale value on the franchise he doesn't strike me as the type who would care.

No, the founder of Black Entertainment Television has enough money where he won't even blink. If M.J. or someone else offers an even half decent offer he's going to sell.

May 22, 2009  09:25 AM ET
QUOTE(#4):

He doesn't want to be in basketball

That really is the crux of the matter

Winning owners CARE about the team-
doesn't mean they're necessarily 'hands on'......
butthey give a damn.

Look at the clippers- when you get an owner who is not
focused - you get THAT abomination....a 20 year JOKE

May 22, 2009  09:29 AM ET

Well, as of this past December, Forbes listed that the team is valued at $284 mil and Robert Johnson (who bought the team six years ago) paid $300 mil. The teams operating income was a loss of $5 mil.

May 22, 2009  09:31 AM ET

This will be a hard sell. I think Jordan is his best hope. Noone else is going to buy this team, and not be able to see a profit in a reasonable amount of time. And as we all know, that isn't likely with Jordan at the helm.

May 22, 2009  09:55 AM ET

The problem is- who wants to buy a Bobcats jersey? People in NC, but thats it? Teams like the Lakers, Celtics and several others, who have a history of winning, have fans all over the states and you see those jerseys's in San Antonio, Portland, Sacramento, etc. You don't see Bobcat jerseys in those same markets, unless their mama lives there!!! Winning will help, but it will only go so far- they don't have anyone marketable.

May 22, 2009  11:05 AM ET

Is not Jordan's poor management one of the reasons the Bobcats are not very good?

May 22, 2009  11:46 AM ET

Well, if Michael Jordan ever wanted to become a NBA team owner; here's his chance. I'm sure he can get with his Nike buddies and come up with a team and purchase the Bobcats. Besides, new ownership will probably come in with their own personnel and then your out of a job. Maybe Jordan can touch bases with Dr. J and Magic.

May 22, 2009  12:04 PM ET
QUOTE(#9):

Is not Jordan's poor management one of the reasons the Bobcats are not very good?

Yes it is a MAJOR reason-
look at the roster- they have NO CHANCE at ever competing
for a title with that roster.....

LB did a real nice job getting what he got out of them- but top
to bottom that roster is MEDIOCRE

May 22, 2009  12:22 PM ET

Johnson's legacy is being the cheapest owner in the league. Whoever buys the Cats will have to put up some cash to compete.

May 22, 2009  12:41 PM ET

I just hope that he can sell to a local owner... The team needs someone who actually lives in Charlotte, or at least the Carolinas, to give the community a sense that he's dedicated. You can't run a professional sports team successfully w/o being close to the operation.

May 22, 2009  12:41 PM ET
QUOTE(#11):

Yes it is a MAJOR reason-look at the roster- they have NO CHANCE at ever competingfor a title with that roster.....LB did a real nice job getting what he got out of them- but topto bottom that roster is MEDIOCRE

Title??? I think the gentle citizens of Charlotte would consider a four game sweep in the first round to be a major accomplishment. Let'em walk first, huh?

May 22, 2009  12:47 PM ET

You heard it here first...just as Bob Johnson named his team because of his name, MJ will probably name any team he purchases the "JordanAirs".

May 22, 2009  01:23 PM ET
QUOTE(#14):

Title??? I think the gentle citizens of Charlotte would consider a four game sweep in the first round to be a major accomplishment. Let'em walk first, huh?

lol....oh I know....
my point is - long term-
you look at a team like say Oak City-
they would LOVE to be in the playoffs- but at least their roster
has a CHANCE >>down the road- with a few pieces here and there

Charlotte's roster stinks-
their best players are Wallace & Okafur.
they are DOOMED

May 22, 2009  02:19 PM ET

You really have three types of owners,
1. It is a business, and my name on it will feed my ego.
2. It is a business, I care about my market and my players, but (big BUT), I don't have the extra cash and knowledge to throw at the team to make it a real contender on paper and with poss. injuries etc.
3.You got guys that love the business of sports and have money/ knowledge to have the team be a contender every year. (You have to be in a big big market for this type of team.)

Utah and Portland solid teams, not much else in town so the "sports" money is directed to them. Good management etc.

LA, New York are big bigs, they can make stupid mistakes and recover within a few years.

Dallas, owner wants to be a playabut he gets in the way of his team progressing, remember he did the whoole "Dodgers" thing years back....bought the best names at big prices in each position and they were not a "good team" of great players. (sold out next year for an impact this year kinda thing...they were still paying for Bradley up to the first of this 08-09 season)

Small markets are always gonna be hurting unless they tune their team to the community, and the community realizes, they should be happy with playoffs, and the bigs will always be in the finals. (this is why people are intrigued with the underdog...could Denver really beat LA, Can Orlando really get over the Cavs, DO I REALLY want to see anything other than Kobe Vs LeBron in the finals????

May 22, 2009  03:49 PM ET

Seattle here they come.

May 22, 2009  03:55 PM ET

Charlotte should never have gotten another professional team. The market is too small and the big show, in terms of basketball, is not professional but in the triangle with Wake, NC, and Duke. In addition, they will forever have a hard time competing for free agents. I don't know how Jordan is a draw, he is a bad manager, and is pretty crappy at evaluating talent. the league needs to either contract, or it needs to send a team back to Seattle. Plus, and this is petty, the Bobcat is a terrible sports name. Just plain dumb.

 
May 22, 2009  04:09 PM ET

The Bobcats dont have a bad roster. They had a good record after the trade they made to get Bell and Diaw. They even made a push at the playoffs this season.It was hard for them to overcome that bad start they got off to. But most poeple think they cant be good cause they get no natinal atention but people who got to watch them see the tallent they have and its mostly young tallent.They will be in the playoffs next season.

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