The Charlotte Bobcats will be sold to Michael Jordan for a price that values the franchise at about $175 million, if owners approve.
This is a big blow to the NBA because current owner Robert L. Johnson paid an expansion fee of $300 million seven years ago and the league has several teams looking for investors.
Man, TB, Karl, and I should have upped our offer to 176 mil. We just needed to raise about ...let me think... about 176 million dollars more. Anyway, that's a huge loss to buy for 300 and sell for 175. Ouch. If Jordan actually invests his time finally in Charlotte he could possibly come out very well. The Hornets were very popular in Charlotte prior to George Shinn pissing off the entire state and eventually moving. Sucks for Bob Johnson (Note to self: Never name my team after me. Though the JRcats would be bad ass). Then again after yesterday's putrid performance they now might only be valued at 174 mil.