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Michael Jordan becomes part-owner of Bobcats
Michael Jordan became part-owner of the Charlotte Bobcats on Thursday in a deal that gives him a stake in most of Robert Johnson's ventures.
Jordan's investment makes him second only to Johnson as the largest individual owner of the Bobcats. Johnson, who spent $300 million on the expansion Bobcats three years ago, then named Jordan the managing member of basketball operations.
"I'm thrilled to have my friend, Michael Jordan, join me in my business and sports pursuits,'' Johnson said in a statement. "I not only respect Michael for his basketball knowledge and expertise, but also for his business skills, particularly in branding and marketing.
"Michael will provide invaluable management input to a Bobcats team that is poised to deliver results for the 2006-2007 season and beyond.''
Jordan, who led the Chicago Bulls to six NBA championships, bought into Johnson's existing portfolio. Johnson, the founder of BET, has financial interests in several media, entertainment and financial services, and became the first black owner in the NBA when he beat out a Larry Bird-backed group for Charlotte's new team.
He tried from the get-go to bring Jordan into the fold, offering him any position he wanted with the team -- except majority owner. Jordan eventually passed, citing his desire to pursue ownership in his own team.
Now, with Johnson in the midst of a major management shakeup on his fledgling team, he's bringing in the greatest NBA player ever to help.
"I'm excited to join Bob, and invest alongside one of the most astute businessmen I know,'' Jordan said. "I am also looking forward to providing my advice, where needed, to Bobcats management in order to put the best possible team on the court.''
The move comes two weeks after Johnson began a house-cleaning project that ousted team president and CEO Ed Tapscott, followed by the firings of the top marketing and operations officers.
Johnson gave no reason for the removals, but was believed to be unhappy with the business-side of the franchise because he was losing money and had a very small season-ticket base.
With Jordan now in the mix, he'll have one of the most beloved sports figure in state history by his side. But in giving Jordan the final say in basketball decisions, he's risking a repeat of the same mistakes Jordan made with the Washington Wizards from 2000 to 2003.
Jordan became part-owner and president of the Wizards' basketball operations in 2000, and was criticized for selecting high schooler Kwame Brown with Washington's first overall pick in the 2001 draft.
He also came out of retirement and played two seasons for the Wizards, failing to make the playoffs before retiring again.
He assumed he would return to his front office job, but owner Abe Pollin instead fired him --Jordan's first basketball setback since he was cut from the varsity high school team as a sophomore in Wilmington.
Johnson, who met Jordan at a Bulls game a dozen years earlier and struck up a lasting friendship, offered Jordan any job he wanted with his basketball team that same day.
Jordan mulled it over for close to four months before passing on the offer. He also tried to purchase a majority interest in the Milwaukee Bucks, but Sen. Herb Kohl ultimately decided not to sell.
Jordan had been largely out of sight since then. But now that he's back, he'll have to rebuild a fan base still bitter over the Hornets' departure to New Orleans in 2002 and fix several of Johnson's early missteps.
The Bobcats ranked 28th in attendance after their first season in the outdated Charlotte Coliseum, then moved into a new $265 million arena last season that has yet to secure naming rights. Though the arena received rave reviews, the Bobcats sold out only seven of 41 games and averaged 16,366 fans, 22nd in the NBA.
Even worse was their season ticket sales, which is believed to be right around 5,000 and third worst in the NBA. In response, Johnson announced the team would lower season ticket prices for next year.
Charlotte's product on the floor is also poor. The Bobcats went 18-64 in their first season, but improved to 26-56 and closed last year with a four-game winning streak despite numerous injuries.
Jordan graduated from Laney High School in Wilmington before playing college basketball at North Carolina, where he hit the game-winning shot for the Tar Heels in the 1982 national championship game against Georgetown.
Source: ESPN.com
Jordan's investment makes him second only to Johnson as the largest individual owner of the Bobcats. Johnson, who spent $300 million on the expansion Bobcats three years ago, then named Jordan the managing member of basketball operations.
"I'm thrilled to have my friend, Michael Jordan, join me in my business and sports pursuits,'' Johnson said in a statement. "I not only respect Michael for his basketball knowledge and expertise, but also for his business skills, particularly in branding and marketing.
"Michael will provide invaluable management input to a Bobcats team that is poised to deliver results for the 2006-2007 season and beyond.''
Jordan, who led the Chicago Bulls to six NBA championships, bought into Johnson's existing portfolio. Johnson, the founder of BET, has financial interests in several media, entertainment and financial services, and became the first black owner in the NBA when he beat out a Larry Bird-backed group for Charlotte's new team.
He tried from the get-go to bring Jordan into the fold, offering him any position he wanted with the team -- except majority owner. Jordan eventually passed, citing his desire to pursue ownership in his own team.
Now, with Johnson in the midst of a major management shakeup on his fledgling team, he's bringing in the greatest NBA player ever to help.
"I'm excited to join Bob, and invest alongside one of the most astute businessmen I know,'' Jordan said. "I am also looking forward to providing my advice, where needed, to Bobcats management in order to put the best possible team on the court.''
The move comes two weeks after Johnson began a house-cleaning project that ousted team president and CEO Ed Tapscott, followed by the firings of the top marketing and operations officers.
Johnson gave no reason for the removals, but was believed to be unhappy with the business-side of the franchise because he was losing money and had a very small season-ticket base.
With Jordan now in the mix, he'll have one of the most beloved sports figure in state history by his side. But in giving Jordan the final say in basketball decisions, he's risking a repeat of the same mistakes Jordan made with the Washington Wizards from 2000 to 2003.
Jordan became part-owner and president of the Wizards' basketball operations in 2000, and was criticized for selecting high schooler Kwame Brown with Washington's first overall pick in the 2001 draft.
He also came out of retirement and played two seasons for the Wizards, failing to make the playoffs before retiring again.
He assumed he would return to his front office job, but owner Abe Pollin instead fired him --Jordan's first basketball setback since he was cut from the varsity high school team as a sophomore in Wilmington.
Johnson, who met Jordan at a Bulls game a dozen years earlier and struck up a lasting friendship, offered Jordan any job he wanted with his basketball team that same day.
Jordan mulled it over for close to four months before passing on the offer. He also tried to purchase a majority interest in the Milwaukee Bucks, but Sen. Herb Kohl ultimately decided not to sell.
Jordan had been largely out of sight since then. But now that he's back, he'll have to rebuild a fan base still bitter over the Hornets' departure to New Orleans in 2002 and fix several of Johnson's early missteps.
The Bobcats ranked 28th in attendance after their first season in the outdated Charlotte Coliseum, then moved into a new $265 million arena last season that has yet to secure naming rights. Though the arena received rave reviews, the Bobcats sold out only seven of 41 games and averaged 16,366 fans, 22nd in the NBA.
Even worse was their season ticket sales, which is believed to be right around 5,000 and third worst in the NBA. In response, Johnson announced the team would lower season ticket prices for next year.
Charlotte's product on the floor is also poor. The Bobcats went 18-64 in their first season, but improved to 26-56 and closed last year with a four-game winning streak despite numerous injuries.
Jordan graduated from Laney High School in Wilmington before playing college basketball at North Carolina, where he hit the game-winning shot for the Tar Heels in the 1982 national championship game against Georgetown.
Source: ESPN.com