Michael Jordan buying controlling interest of NBA's Charlotte Bobcats from Robert Johnson

Mitch Lawrence
DAILY NEWS SPORTS WRITER

 

Originally Published:Saturday, February 27th 2010, 10:16 AM
Updated: Saturday, February 27th 2010, 1:15 PM

 

Phelps/AP

Charlotte owner Robert Johnson is selling controlling interest in the Bobcats to Michael Jordan.

Michael Jordan has saved his own job of running the Charlotte Bobcats by buying the Charlotte Bobcats.

Charlotte owner Robert Johnson announced early Saturday that he is selling controlling interest in the team to Jordan, who has been the Bobcats' top basketball executive since 2006.

Jordan beat out former Rockets president George Postolos, who, league sources said, would have replaced Jordan as the team's top basketball executive if he had been able to buy the club. Jordan and Postolos were the only people interested in buying the team.

League officials were skeptical that Jordan, a part owner of the Bobcats, would exercise his right to buy the team from Johnson, who founded the Bobcats in 2003 and was the NBA's first solo minority owner. The Bobcats have been beset by losses during Johnson's tenure and Jordan has been known in the past for talking a good game when it came to purchasing teams, but never following through. In recent weeks, Jordan was able to put together a team of investors.

Jordan struck a deal with Johnson minutes before his exclusive negotiating window was to expire late Friday night.

NBA owners are expected to approve the sale, terms of which were not disclosed. The league clearly wanted Jordan to step forward and make the necessary moves to become majority owner.

"I am certain that as Michael Jordan returns to his home state as the principal owner of the Bobcats the team will continue its growth as a success on the court, as a business success and as a valued community asset," NBA commissioner David Stern said in a statement. "We expect the expedited approval process to be completed by the end of next month."

The Bobcats are in contention for their first playoff berth. Jordan's recent moves, including the hiring of coach Larry Brown, have helped erase some of his earlier mistakes in the draft, trades and the hiring of coaches.

Read more: http://www.nydailynews.com/sports/basketball/2010/02/27/2010-02-27_jordan_buying_controlling_interest_of_bobcats.html#ixzz0gpRdTxfO