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View Full Version : The Greatest of All Time Becomes 1st Ever Ex-NBA Player to Become a Majority Owner



ko8e24
03-17-2010, 06:00 PM
http://sports.espn.go.com/nba/news/story?id=5003048

CHARLOTTE, N.C. -- Michael Jordan became a basketball star at North Carolina. Now he'll try to turn around the state's money-losing NBA team by becoming the first ex-player to be a majority owner in the league.

The NBA's Board of Governors on Wednesday unanimously approved Jordan's $275 million bid to buy the Charlotte Bobcats from Bob Johnson. Jordan will take over the team immediately after serving as a minority investor with the final say on basketball decisions since 2006.

"Purchasing the Bobcats is the culmination of my post-playing career goal of becoming the majority owner of an NBA franchise," Jordan said in a statement. "I am especially pleased to have the opportunity to build a winning team in my home state of North Carolina.

"I plan to make this franchise an organization that Charlotte can be proud of, and I am committed to doing all that I can to achieve this goal."

The six-time NBA champion and five-time league MVP will be charged with turning around the fortunes of the 6-year-old Bobcats, who are on pace to lose about $30 million this season because of sluggish ticket and sponsorship sales.

The 47-year-old Jordan, who will assume about $150 million in debt in the deal, becomes the second black majority owner of a major pro sports team. He replaces the first in Johnson, who paid $300 million for the expansion franchise, but lost tens of millions annually and saw the value of the team decline as Charlotte fans struggled to warm to the NBA again after the Hornets left for New Orleans in 2002.

"The best decision I made since acquiring the Bobcats was to convince my friend Michael to become an investor in the Bobcats and to appoint him as managing member of basketball operations," Johnson said in a statement. "As the new majority owner of the Bobcats, his dedication will be stronger now more than ever."

Commissioner David Stern predicted last week the deal would be approved easily by the league's owners. Stern said last week that background and financial checks on Jordan produced nothing that would stop the deal, and expressed optimism Jordan's iconic status in this area will boost the franchise.

Jordan grew up in Wilmington, N.C., and led North Carolina to an NCAA title with a last-second shot before starring with the Chicago Bulls. Jordan briefly ran the Wizards basketball operations and returned as a player with Washington before being fired from his management role in 2003.

"We are pleased that Michael Jordan's purchase of majority ownership of the Bobcats was approved by the NBA's Board of Governors and closed in such a smooth and expeditious fashion," Stern said. "We look forward to the continued growth of the Bobcats, on and off the court, under his leadership."

The Bobcats (34-32) entered Wednesday's home game against Oklahoma City in sixth place in the Eastern Conference as they eye their first playoff berth. Team officials hope a playoff appearance after Jordan took control would boost interest and ticket sales in the franchise, which plays in a 5-year-old downtown arena.

"While there is still plenty of work to do both on and off the floor, our attendance, television ratings, corporate support and on-court performance are headed in the right direction," Bobcats president Fred Whitfield said. "That trend will only continue as Michael transitions into all facets of our business."

Jordan, who has declined interview requests since striking a deal to buy the team on Feb. 26, is scheduled to hold a news conference Thursday night.

bigsams50
03-17-2010, 06:22 PM
My owner can beat your owner 1 on 1 :)

SteveNash
03-17-2010, 06:24 PM
Michael Jordan didn't lead UNC to a title...

jrm2054
03-17-2010, 06:40 PM
maybe this will generate some interest in this team

LE-SHAQ
03-17-2010, 06:40 PM
Great deal as MJ breaks new ground off the court . /I hope he puts together a Team of BBall people that know how to build an organization. He could get some pointers ffom Semi Pro. lol

JasonJohnHorn
03-17-2010, 06:45 PM
The GOAT owns a team? I didn't know Bill Russell had that kind of money.

JasonJohnHorn
03-17-2010, 06:53 PM
I wonder if he will make any smart choices in the draft. Like Kwambe Brown. Or Adam Morrison. Or like when he told the Bulls to draft Joe Wolf instead of working out a deal that landed them Scottie Pippen and drafting Horace Grant.

Hmm....

Seriously. There isn't a shooting guard in the history of the league that was better than Jordan, but working in the front office.... not his strong point. He may have been better than Jerry West on the court, but in the front office West has had a much better record.

I'm glad Jordan has bought a team and hopefully having him play a big role as an owner will help generate some buzz. But lets hope he hires a great General Manager instead of making all the choices himself.

asandhu23
03-17-2010, 09:02 PM
Wilt Chamberlain is alive and owns a NBA team? :confused:

D Roses Bulls
03-17-2010, 09:04 PM
you guys heard him right. the GREATEST OF ALL-TIME MICHAEL JORDAN. dont hate

Kakaroach
03-17-2010, 09:07 PM
So its official huh. Pretty cool I guess, hopefully he's a better owner than GM.

bahama0811
03-17-2010, 09:09 PM
Michael Jordan didn't lead UNC to a title...

Ummm, yes he did in 1982.

TheKing23
03-17-2010, 09:37 PM
Derrick Rose bought an NBA team?

dodie53
03-17-2010, 09:39 PM
goodluck MJ

asandhu23
03-17-2010, 09:41 PM
Derrick Rose bought an NBA team?

:crazy:

asandhu23
03-17-2010, 09:43 PM
I bet anybody here that MJ is going to be a better owner than the Warriors owner Chris Cohan.

black1605
03-17-2010, 09:48 PM
im glad hes the new owner

and on a side note, people constantly bring up all his bad moves he has a hand in personnel wise....how about trading for Jackson and Thomas? we are playing our best basketball of the season, (in franchise history for that matter), and since everyone likes to put every move the Bobcats make on his shoulders, why not give him some credit for once?

JordansBulls
03-17-2010, 10:41 PM
Well hopefully some stars go there.

Kevj77
03-18-2010, 12:41 AM
Michael Jordan didn't lead UNC to a title...He hit the game winner actually. The best player on the team at the time was James Worthy he was the National player of the year, scored 28 points in the championship game. Worthy was a senior though and Jordan was just a freshman. It was definately a glimps of things to come from Jordan sinking the game winner in a huge game as a freshman, but it was James team.

SteveNash
03-18-2010, 01:07 AM
He hit the game winner actually. The best player on the team at the time was James Worthy he was the National player of the year, scored 28 points in the championship game. Worthy was a senior though and Jordan was just a freshman. It was definately a glimps of things to come from Jordan sinking the game winner in a huge game as a freshman, but it was James team.

Right, James Worthy led UNC to a title, not Jordan.

ko8e24
03-18-2010, 01:11 AM
Right, James Worthy led UNC to a title, not Jordan.

BIG GAMES JAMES!


If he wanted to, he could've been a top 5 player in the 80s with Bird, Magic, Isiah, MJ and himself. But...he subjugated his game for the good of the stacked showtime 80's Lakers. But he showed what he was capable of when in game 7 of the 1988 NBA Finals, he had a triple double against the Bad Boy Pistons and was named Series Finals MVP.


Even MJ has gone out on saying that the two guys to really help MJ in his time at UNC were Dean Smith and James Worthy.

Worthy could have potentially been the best SF of the 80's era. Yes, probably even better than Larry Bird at the SF position, he was that good.

heyman321
03-18-2010, 01:31 AM
Wtf Matt Bonner bought a franchise?

ko8e24
03-18-2010, 01:38 AM
Wtf Matt Bonner bought a franchise?

Not funny.

heyman321
03-18-2010, 01:56 AM
Not funny.

Haha it's as funny as your sig quote is epic.

jackdawson
03-18-2010, 02:00 AM
Wilt Chamberlain is alive and owns a NBA team? :confused::facepalm:

Yes, Michael "Wilt" Jordan!