(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.
Comment Disclaimer: Comments that contain profane or derogatory language, video links or exceed 200 words will require approval by a moderator before appearing in the comment section. XOXO-MN
