All Articles Tagged "bobcats"
(thedailybeast.com) — The nation’s first African-American billionaire, Robert Johnson, is enduring a cash crush so severe, reports Peter Lauria, that he had to hock his NBA franchise to Michael Jordan for a song.The sale underscores Johnson’s dire financial situation. Four sources with firsthand knowledge tell The Daily Beast that the 63-year-old founder of BET desperately needs cash. The Bobcats sale was precipitated by a need for liquidity to fund his other investment obligations and avoid becoming insolvent, according to business associates of Johnson’s and sources involved in the sale.
As a basketball player, Michael Jordan ruthlessly exploited his opponents’ weaknesses. As a businessman, he is now trying to exploit the financially troubled sports world by buying the money-losing Charlotte Bobcats of the National Basketball Association for about $25 million less than they sold for in 2002.
David Stern introduced Michael Jordan as the new “principal owner” of the Charlotte Bobcats.