NBA - Sports Rumors

Fri May 22, 2009 8:19 am EDT

Bobcats' owner steps up attemps to sell team

By Joe Zedalis

The amajority owner of the Charlotte Bobcats, Bob Johnson, has intensified efforts sell the team, recently hiring a sports investment banker to look for a buyer, according to the Raleigh News & Observer.

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. An NBA spokesman confirmed that the league is aware Johnson is seeking investors and that Galatioto is assisting him.

Johnson said last month that he owns about 70 percent of the team. The Observer reported in April that minority partners have been told to expect roughly $35 million in cash losses the next two seasons, according to the News & Observer.

A source close to Johnson, speaking on condition of anonymity, said, "It's true, he's committed to selling the team," adding, "He's lost passion" for owning it.

The challenge will be affixing a value on the team that Johnson and a buyer would accept. A source with long ties to the NBA, who has inquired about the Bobcats' availability, said Johnson wants between $325 million and $350 million.

Source: Raleigh News & ObserverNew Window

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23 Comments

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  1. Raymond T
    1. Posted by Raymond T Fri May 22, 2009 8:35 am EDT

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    1st... Sell t he whole team to Michael Jordan so that he could improve the team
  2. Cotton Piquer
    2. Posted by Cotton Piquer Fri May 22, 2009 8:44 am EDT

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    Jordon owns no more than 5-10% of the Bobcats, and can't afford to buy even 1/3 of the team. That would cost him
    108-117 million alone.
    Larry Bird offered more money for the franchise, and a more comprehensive business model for success. BUT
    the comish ignored Bird & said he wanted a minority owner, and wanted Michael Jordon to be involved. Stern said
    "michael Jordon doesn't need the NBA, but the NBA needs Michael Jordon".
    Stern is Stupid, and has a Plantation mentality, he has always wanted to be in charge of a league made up of all black players. That would make Stern akin to a Plantation owner. Stern almost got his wish when 1999 saw a league made up of 86.6% black players. But NBA basketball was just plain sorry, and being played at a pre shotclock level. Fans were leaving for Hockey & Nascar.
    Only an influx of foereign born players saved the league. Their skill levels elevated the game to where it had been when Bird & Magic played, An all black ( except for Brian Scalabrini) Celtics winning the NBA title, and an all black team USA winning Olympic Gold has rekindled Sterns desire for an all black league. Witness all of the post season NBA awards, and draft predictions that have Ricky Rubio predicted to be the only white or foreign born player as a lottery selection, or a top 18 pick. Tyler Hansborough proved to be the BEST player ever @ North Carolina by dominating NCAA basketball over the last two seasons, and shattering records @ NC & in the ACC, and staying to help his team win an NCAA championship. Tyler is predicted to be drafted between 20-25. WTF?
  3. www.LSm.org
    3. Posted by www.LSm.org Fri May 22, 2009 9:00 am EDT

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    good well laker get one of them
  4. Brian W
    4. Posted by Brian W Fri May 22, 2009 9:09 am EDT

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    David Stern at one point saved the NBA, but Ray T is right, now he is just a cancer that runs the NBA like Hitler ran Germany. Starting with his never ending quest to make the any contact at all a foul. Basketball is a contact sport! look at the tapes of the 80's. If two players hit eachother in the air, there doesn't need to be a foul, especially if it could go either way, same with a player shooting and jumping into a defender simply for a foul. he's givin birth to a league full of whining players who complain anytime they miss a shot and don't get a foul called. also david stern hates white people, particularly ones with strong personalities like Larry Bird.
  5. Daniel V
    5. Posted by Daniel V Fri May 22, 2009 9:19 am EDT

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    Whoever buys them is buying a team on the rise. Some good talent to work with and looks like Larry Brown is committed to staying there for a few more seasons to help them along.
  6. Jason R
    6. Posted by Jason R Fri May 22, 2009 9:22 am EDT

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    Maybe Bobcat Goldthwait has some extra cash on hand
  7. Pete M
    7. Posted by Pete M Fri May 22, 2009 9:25 am EDT

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    Come on, Gates & Allen; buy the Bobcats and get 'em back to Seattle. We need an NBA team in the Great Northwest.
    We can probably build a winning team in five years or less! Let's go!
  8. dw0128
    8. Posted by dw0128 Fri May 22, 2009 10:24 am EDT

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    Hopefully a local investor(s) can buy the team from Johnson. The biggest problem the city of Charlotte has with him is the fact he lives in DC and runs the team from there. He only shows up to a few games a year. You can't expect the community to support you if you don't get yourself involved. Of course, they haven't made the playoffs yet but this team in the brink... And oh, they won't be moving to Seattle. 1) Charlotte has a 4 year-old state of the art arena and 2) there's an exit clause in the lease that calls for close to $300 million to be paid to the city if they were to leave. So that's basically equivalent to buying the team twice. Nobody will do that.
  9. andrew chang
    9. Posted by andrew chang Fri May 22, 2009 10:32 am EDT

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    lol david stern is white himself and he hates white people? lfmao
  10. Joseph T
    10. Posted by Joseph T Fri May 22, 2009 10:33 am EDT

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    Dem Cats is got some potential ya'll. Larry Legend gonna lead them boys to promise land.
  11. dev o
    11. Posted by dev o Fri May 22, 2009 10:35 am EDT

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    pete m.
    .
    ever heard of the blazers??? seattle just ain't a basketball town, you all proved it when you let the sonics leave. why move a team to a town that won't watch or support them??? allen already is gonna get his championship in pdx!!
  12. Matthew K
    12. Posted by Matthew K Fri May 22, 2009 10:54 am EDT

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    pete m! yes seattle needs a team the nba doesnt seem right without the supersonics and their mascot the freaking thunder...blah. whoever buys the bobcats will make a good investment. They are on there way to being playoff contenders. they were 9th this year on the east. they got a mean squad. ive seen them against the pacers.we owned them but they are good. made great trades. have one of the best coaches. i got 5 on it.
  13. Matthew
    13. Posted by Matthew Fri May 22, 2009 1:30 pm EDT

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    Here is your chance Seattle!!! Retribution is at hand
  14. C C
    14. Posted by C C Fri May 22, 2009 1:55 pm EDT

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    Un-biased fan seems to have an issue with majority Black teams...especially majority Black Celtics and Olympic teams. Because Johnson wants to sell controlling interest doesn't mean Stern made a bad decision. A Billionaire like Johnson understands the financial benefits and pitfalls of having controlling interest in a NBA franchise. People lost interest in MLB during the strike year and the controversy over roided athletes. However I wonder if Un-biased fan holds the same issues with the MLB regarding players from the Caribbean who have fared well on their perspective teams. Just because Larry Bird had a "more comprehensive" model which is based on your opinion, doesn't mean the Bobcats would have been run any better. I believe Mr. Johnson with the financial status he is in, knows a thing or two about business models. Speaking of Hansborough, there were many great College players who move on to the Pros and less successful careers. Mateen Cleaves comes to mind. Your argument is weak.
  15. Daniel V
    15. Posted by Daniel V Fri May 22, 2009 3:03 pm EDT

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    Chris M, don't waste your time. I bet the "Unbiased Fan" thinks that Kukoc and Longley were actually the main reason those Bulls teams won those titles and Jordan was just a chucker who got lucky. The scary thing is, I think he truly believes all the b.s. he posts on here. Very, very sad, probably more sad that only that dumb@ss could make a Celtic fan and a Laker fan agree...LOL!!
  16. fenway234
    16. Posted by fenway234 Fri May 22, 2009 4:07 pm EDT

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    As a die hard Bobcats fan (yes there is a few real fans) I think that the city of Charlotte should buy the team just like Green Bay bought the Packers. Then the team will stay in Charlotte.
  17. Peter O
    17. Posted by Peter O Fri May 22, 2009 4:24 pm EDT

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    hey kids, let's play Spot The Typos!!!!
  18. ME
    18. Posted by ME Fri May 22, 2009 6:38 pm EDT

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    ohh sounds FUN! :) lets add "where 's the Punctuation mistake??" to that...game on
    then we can really be GAYt
    whatever...all that matters in a post is the point..
  19. ME
    19. Posted by ME Fri May 22, 2009 7:02 pm EDT

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    How much for one rib?
  20. Nanda Linn Aung
    20. Posted by Nanda Linn Aung Fri May 22, 2009 11:38 pm EDT

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    sell okafor to Magic :)
  21. Chris M (2009 NBA CHAMPION LAKERS!)
    21. Posted by Chris M (2009 NBA CHAMPION LAKERS!) Fri May 22, 2009 11:43 pm EDT

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    I hear ya Daniel V, I just pick my spots to bust his balls! I usually ignore his nonsense. I believe he does most of it for attention. It's all good! Damn, that last second shot by LeBron was sick! I thought they Cavs goose was cooked for sure! Looks like both series will go seven games!
  22. dave l
    22. Posted by dave l Sat May 23, 2009 12:50 am EDT

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    AIDS johnson will buy the team
  23. leslie d
    23. Posted by leslie d Sat May 23, 2009 1:57 pm EDT

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    It's a good thing Jordan's & Bird's FINANCIAL ADVISOR is here to keep us CURRENT as to their FINANCIAL ABILITIES............who KNEW that Jordan didn't have 108-117 MILLION & exactly what he CAN or CAN'T AFFORD?..........maybe Bird should try using his "more comprehensive business model for success" in IND, his HOME STATE.......must not work for an already EXISTING TEAM, Bird needs a BRAND NEW 1...........Stern is really STUPID.........instead of BANNING foreign born players from playing in the NBA, as he did for HIGH SCHOOLERS, he goes & does the DIRECT OPPOSITE..........he BANS high schoolers, which would NO DOUBT keep his "PLANTATION" stocked with "black players", while ALLOWING an influx of FOREIGN BORN players......I guess that makes Stern an EQUAL OPPORTUNITY "plantation" owner

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