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View Full Version : Hoopsworld reports that the Charlotte Bobcats may have a potential buyer!



NBA_Starter
08-19-2009, 09:51 PM
Do The Bobcats Have A Deal?: George Postolos may be the front runner in owning the Charlotte Bobcats. Reports out of Charlotte suggest that a deal with Postolos seems to be getting closer and there is a belief that the Bobcats could be sold before the start of the NBA season.

Current Bobcats' owner Bob Johnson is said to be seeking $350 million for the franchise, which he owns 70% of. The Bobcats are reportedly more than $100 million in debt, a debt new ownership would have to absorb.

Michael Jordan, who carries the title Managing Member of Basketball Operations, is also a minority owner. Jordan reportedly made a bid to buy the franchise from Johnson at a far lower price than Johnson was seeking. Sources near the situation believe Jordan's offer was $270 to $275 million and a role reversal with Jordan taking on 70% ownership and Johnson staying on as a minority partner, something Johnson seems less than interested in doing.

Postolos and his company The Postolos Group seem to have the financial support to make the transaction happen and do not seem overly concerned about the price tag. The Bobcats have been excessively mindful of the balance sheet this summer; many believe that is in preparation for a sale in the coming weeks.
Bobcats head coach Larry Brown has been quoted saying that should the team be sold and Michael Jordan is not part of the new ownership group, he would retire. So a deal will have big ramifications if it goes down before training camp.

http://www.hoopsworld.com/Story.asp?story_id=13623

I hope this group is willing to spend some $$$!

JDM
08-20-2009, 12:14 AM
Sweet, get Johnson out. My only concern is the possibility of Coach Brown retiring like it said on the bottom, hope MJ is part of ownership.

DerekRE_3
08-20-2009, 02:44 AM
We need to keep Larry Brown as long as possible, which means keep MJ on board.

JakeDelbreezy
08-20-2009, 11:40 AM
Hope it works out. Postolos is the guy I was hoping would buy the team. Plus he has a basketball background. I think he'd be a good owner..

Lo Porto
08-27-2009, 11:36 AM
Can't wait to get a new GeorgeCats uniform.

Blue Magic
08-31-2009, 12:17 PM
I want to see AI in Charlotte, which means I want to see Larry Brown, which means I want to MJ stay! Charlotte with AI & Crash would be a damn exciting team to watch!!! Let's get this deal done!

masalex1205
08-31-2009, 09:44 PM
I cant see Larry Brown coaching for longer than three more seasons anyway. He's a major asset but he's not part of our long term future so it's good to get a man who knows how to run a franchise.