George Postolos??

[TheLegend]

http://www.hoopsworld.com/Story.asp?story_id=13623

[spectre]

Current Bobcat's owner Bob Johnson is said to be seeking $350 million for the franchise, which he owns 70% of.


Michael Jordan, who carries the title Managing Member of Basketball Operations, is also a minority owner. Jordan reportedly made a bid to buy the franchise from Johnson at a far lower price than Johnson was seeking. Sources near the situation believe Jordan's offer was $270 to $275 million and a role reversal with Jordan taking on 70% ownership and Johnson staying on as a minority partner, something Johnson seems less than interested in doing.

Jesus Christ, I can't believe Johnson is getting these kinds of offers. How much stock does Jordan own? If I'm reading the above right Jordan was willing to give him 275 million bucks for an approximate 50% swing?


Postolos and his company The Postolos Group, seem to have the financial support to make the transaction happen and do not seem overly concerned about the price tag.

Is this good or bad?


Bobcats head coach Larry Brown has been quoted saying that should the team be sold and Michael Jordan is not part of the new ownership group, he would retire. So a deal will have big ramifications if it goes down before training camp.

I don't have to ask about that one...I know it's bad.

[GOBOBCATS24]

About a month or so ago when I talked with Fred Whitfield and Rod Higgins they both seemed really upbeat about the selling of the team and they said the #1 priority would be to sell it to MJ. But If Bob Johnson is getting a huge offer around $350 million then theres probably no way MJ can match that. I guess Postolos could be good news I just wish MJ would be our owner. I don't want our owner to be an absentee.

[Felton for Prez]

I'm pretty sure the 275 number for Jordan is a team valuation number not what he would actually pay to take 70% of the team. If 275 was just for the 70%, Bob would've hit that and been in the Caribbean by now.

[spectre]

I'm pretty sure the 275 number for Jordan is a team valuation number not what he would actually pay to take 70% of the team. If 275 was just for the 70%, Bob would've hit that and been in the Caribbean by now.

FFP, would that be "net"...as in valuation after debt has been taken into account?

Either way, that'd make a WHOLE lot more sense.

[MattD]

275 to aquire another 100 in debt, ridiculous. i would much rather have an entirely new ownership group in, sure leave mj in to keep larry happy for his last two years, but this way the whole BUSINESS can be reworked, no more 8 dollar beers etc... someone like postolos who knows the business of the nba better than ex sneaker execs will find a way to pack the stadium

[ohara831]

275 to aquire another 100 in debt, ridiculous. i would much rather have an entirely new ownership group in, sure leave mj in to keep larry happy for his last two years, but this way the whole BUSINESS can be reworked, no more 8 dollar beers etc... someone like postolos who knows the business of the nba better than ex sneaker execs will find a way to pack the stadium

I agree. From what I've read of the guy, he has the kind of history that makes me confident he knows how to run the franchise. I'm especially happy to hear he is not concerned with the price tag. I'd much rather have him and take the risk that LB walks. Dont want LB to leave early, but I think I would trust the guy's track record more so than MJ. Love MJ as a player, but his track record in Mgmnt to date has been less than stellar.

[BIGCatBobcat]

http://a323.yahoofs.com/ymg/ept_sports_nba_experts__30/ept_sports_nba_experts-377033221-1250690610.jpg?ymyoZwBDIzdNjDql

I want a caption for that pic that says "This is mine, I'm taking this with me" or "I keep this!"

[ALong13]

Honestly, if Postolos buy this team I'm happy with it, I just hope we could keep MJ in some time of role as well as Larry Brown at head coach....If all that can be attained, then I really like this role...Bobcats are going nowhere, and Postolos said earlier the plan is to stay in Charlotte....

[Mustachio]

275 to aquire another 100 in debt, ridiculous. i would much rather have an entirely new ownership group in, sure leave mj in to keep larry happy for his last two years, but this way the whole BUSINESS can be reworked, no more 8 dollar beers etc... someone like postolos who knows the business of the nba better than ex sneaker execs will find a way to pack the stadium


dude. you could bring in Bill Freakin Gates to own this team and the beer prices arent changing. Sorry but I get tired of hearing people complain about the halftime shows, the music and the food/beer prices as if its the Bobcats fault. If you drive all the way across the country to a Portland Trailblazers game... I freaking guarentee you that you will A) hear the same music B) see the same halftime show talent and C) pay the exact same if not more for beer and food.

That isn't a Bobcats, or NBA, or even a sporting events deal. Its a captive audience... you want to see basketball/baseball/football music? then your gonna have to pay what they tell you to pay. If you wanna pay less for beer your gonna have to get rid of capitalism altogether, and as luck would have it the President is trying to do that as quickly as possible. And getting rid of Bob Johnson isnt gonna change anything that we can see really. Sure they might brand something different, but you're still gonna pay 8 dollars for a premium beer. It is a business... and a good business tries to make money.

Bringing in someone with a better financial situation may sound better... but if you think they are gonna come in and happily lose money... your gonna be disappointed. The only thing we can hope for from a new owner will be an eagerness to put a winning product on the floor no matter the cost, something Bob never seemed to care about. But as far as day to day operations and prices... nothing will change.

[dav7z]

dude. you could bring in Bill Freakin Gates to own this team and the beer prices arent changing. Sorry but I get tired of hearing people complain about the halftime shows, the music and the food/beer prices as if its the Bobcats fault. If you drive all the way across the country to a Portland Trailblazers game... I freaking guarentee you that you will A) hear the same music B) see the same halftime show talent and C) pay the exact same if not more for beer and food.

That isn't a Bobcats, or NBA, or even a sporting events deal. Its a captive audience... you want to see basketball/baseball/football music? then your gonna have to pay what they tell you to pay. If you wanna pay less for beer your gonna have to get rid of capitalism altogether, and as luck would have it the President is trying to do that as quickly as possible. And getting rid of Bob Johnson isnt gonna change anything that we can see really. Sure they might brand something different, but you're still gonna pay 8 dollars for a premium beer. It is a business... and a good business tries to make money.

Bringing in someone with a better financial situation may sound better... but if you think they are gonna come in and happily lose money... your gonna be disappointed. The only thing we can hope for from a new owner will be an eagerness to put a winning product on the floor no matter the cost, something Bob never seemed to care about. But as far as day to day operations and prices... nothing will change.


Must i agree prices are not geting any cheaper. But disagree about most ot the other statements in your post.
First Johnson hasn't had any idea how to run this team making changes starting with C-Set. The marketing for web site really sucks . Ziggy could run the web site a 100 times better than it's run now. Fans draw instrest from what they read or hear . The curent site does neither to instrest me. As a old Hornets fan the half time shows was at least different from game to game and entertaning. The half time shows Johnson put on was cheaped out and boring . Except for the game its self its the same old thing ever game.Same music , same 100 dollar Harris Teater gift. Any one could tell half time cost was cut as bad as as the staff was cut. Johnson hasn't give nothing or no one time to gain a solid footing. Changing staff yearly . He hasn't even give MJ or L Brown time to turn things around . Its no stablity at all in the organization.
So you can't come off saying it's the fans . A six dollar beer or soda seems a hell of a lot higher when the enertainment sucks.
This all falls back to B Johnson not knowing what the hell hes doing.

[Scottley Crue]

Honestly, if Postolos buy this team I'm happy with it, I just hope we could keep MJ in some time of role as well as Larry Brown at head coach....If all that can be attained, then I really like this role...Bobcats are going nowhere, and Postolos said earlier the plan is to stay in Charlotte....
I agree here. Postolos, from what I've read, seems to be very good at the things the 'Cats need off the court (TV/Media, community relations). He could be a very positive force for this team, which is needed from the owner. The biggest thing would be to get Bob's hands off it, because fair or not, he's a big reason (if not THE reason) people don't want to have much to do with the team.

[Mustachio]

Must i agree prices are not geting any cheaper. But disagree about most ot the other statements in your post.
First Johnson hasn't had any idea how to run this team making changes starting with C-Set. The marketing for web site really sucks . Ziggy could run the web site a 100 times better than it's run now. Fans draw instrest from what they read or hear . The curent site does neither to instrest me. As a old Hornets fan the half time shows was at least different from game to game and entertaning. The half time shows Johnson put on was cheaped out and boring . Except for the game its self its the same old thing ever game.Same music , same 100 dollar Harris Teater gift. Any one could tell half time cost was cut as bad as as the staff was cut. Johnson hasn't give nothing or no one time to gain a solid footing. Changing staff yearly . He hasn't even give MJ or L Brown time to turn things around . Its no stablity at all in the organization.
So you can't come off saying it's the fans . A six dollar beer or soda seems a hell of a lot higher when the enertainment sucks.
This all falls back to B Johnson not knowing what the hell hes doing.


dont get me wrong. Bob Johnson blows donkey balls. but I promise you Dav7z.... the halftime show you see at The Cable Box, is exactly the same as the halftime show you see at The Staples Center. Thats not something Bob Johnson does poorly, its something the NBA does poorly. They all have the same halftime shows, timeout videos, and ambiance music... So if you flew out next season to a Laker games the only thing you would even notice different would be players, jerseys and Jack Nickolsons saggy balls. Other than that... its exactly the same cheap, half ass marketing.

The entertainment isnt so much for Season Ticket holders who ultimately get tired of the same ol thing. Season Ticket holders come for basketball and therefore the NBA knows they dont pay much attention to the entertainment end anyway. The entertainment is for the people who come just to have something to do that night, and hopefully it hooks them on the team.

[MattD]

dude. you could bring in Bill Freakin Gates to own this team and the beer prices arent changing. Sorry but I get tired of hearing people complain about the halftime shows, the music and the food/beer prices as if its the Bobcats fault. If you drive all the way across the country to a Portland Trailblazers game... I freaking guarentee you that you will A) hear the same music B) see the same halftime show talent and C) pay the exact same if not more for beer and food.

That isn't a Bobcats, or NBA, or even a sporting events deal. Its a captive audience... you want to see basketball/baseball/football music? then your gonna have to pay what they tell you to pay. If you wanna pay less for beer your gonna have to get rid of capitalism altogether, and as luck would have it the President is trying to do that as quickly as possible. And getting rid of Bob Johnson isnt gonna change anything that we can see really. Sure they might brand something different, but you're still gonna pay 8 dollars for a premium beer. It is a business... and a good business tries to make money.

Bringing in someone with a better financial situation may sound better... but if you think they are gonna come in and happily lose money... your gonna be disappointed. The only thing we can hope for from a new owner will be an eagerness to put a winning product on the floor no matter the cost, something Bob never seemed to care about. But as far as day to day operations and prices... nothing will change.

i didnt once mention anything about the halftime shows or the music. but, in fact, you are wrong, different arenas do things differently. (maybe not halftime wise as ive seen box boy and foot arrow shooter girl at many different arenas) I think the presentation of the bobcats is just dandy it doesnt make sense to spend a ton on halftime entertainment when the entertainment is the game itself, but the concession prices are out of this world for what you get, worse than the panthers. everyone is prepared to get ripped off at a sporting event, but the fact is offering a little better product for that price, or lowering the price and offering the same shit will change fans perspectives. there is no competition, its not capitalism, it is price gouging. people dont tend to like that.

the bobcats are a business as we all know, and they need customer satisfaction to sell tickets. they can change the way the fan experiences the game, we have an amazing arena, and there is much more than ownership can do besides spending money on personnel

(best place to eat in the arena, the sandwich place right by the homecourt entrance, $10 for a massive sandwich, chips, slaw)

[GOBOBCATS24]

I'm not sure where I read this but anyways. The entire Bobcats organization is worth approximately $285 million. when MJ offered $275 million that was for Bob Johnsons majority ownership that he has which is somewhere around 74% or so. So he is asking for $350 million dollars for whatever 74% of $285 million is. Basically Bob is trying to get back what he lost during his tenure as majority owner. right now MJ owns about 10-15 % of the team so I think an offer of $275 million is a very generous offer for 3/4ths ownership and Bob was pretty dumb not to take it. Hes being pretty greedy which is no surprise.

I just saw someone say it was a low offer compared to what Bob wanted and I was clarifying that what Bob wants is about 70 million bucks more than the entire organization was appraised at and that he does NOT own anywhere close to 100% of the team. Hes just the majority owner and that is why he is regarded to as the "owner". If anyone finds the artical that I got this info from please post it i read it around the time that the news came out that he was trying to sell the team.

Also the number I first heard that MJ and his group offered was somewhere around $250 million so maybe the 275 is a second or third offer. I posted earlier about Fred Whitfield and what he said about everyone in the FO wanting MJ to get Bobs share. I really hope he does.

[ohara831]

http://blogs.charlotte.com/inside_the_nba/2009/08/johnson-might-pull-team-off-the-market.html

What an ass this man is. Just an ass.

[Scottley Crue]

http://blogs.charlotte.com/inside_the_nba/2009/08/johnson-might-pull-team-off-the-market.html

What an ass this man is. Just an ass.
If this isn't all just part of the negotiation ploys, it'd be nice if he'd sh*t or get off the pot. Just let the team move forward with signings and such.

[ELEVATION]

this is the thing with Bob Johnson..if you're going to own a PROFESSIONAL SPORTS TEAM you must understand and be able to handle a private business (CSET and other investments that he had) with a PROFESSIONAL SPORTS TEAM. Don't get me wrong, Bob Johnson is a very smart business man, however he doesn't know a lick about basketball and how to run a successful PROFESSIONAL SPORTS TEAM.
The future owner of the Bobcats needs to understand that owning a team is more than just an investment, but also intells marketing,PR, and overall passion for the organization and the local community.

[BIGCatBobcat]

I was laughing about that Rick Bonnell article earlier today. Observer, where you get your news and then get the same news only in reverse right beside it 4 hours later. Almost a year ago, actually before I started blogging I had this vomit of information: http://www.bobcatsplanet.com/vb/showthread.php?t=7701&highlight=johnson I just don't like Bob. I will like the ownership, whoever it is as long as they are all about Charlotte, all about Basketball and all about owning a team. Bob has never been any of those, not even for a moment. As the richest African American, I think he felt like he could/had to jump in and Charlotte was where it was supposed to be.

You can't do anything about the owner. I mean what are we going to do? Pool our dough and buy the team?

[teej]

I dislike Bob, and for the franchise's sake I hope he sells the team. Either Postolos or MJ works, although I'd prefer MJ. Right now, I'd take either and any. I'd take George Bush over Bobby J. As long as we have someone who cares about the team and wants to fix it, I'm cool with it.

[TheBeagle]

(best place to eat in the arena, the sandwich place right by the homecourt entrance, $10 for a massive sandwich, chips, slaw) Damn straight! Love those guys and tip 'em a buck and a quarter each time. Most definitely the best bargain in all of sports concessions.

******

In regard to the Bonnell blog ohara posted: this better be some salesman ploy or something. I mean, who the hell wants an owner who has admitted to losing interest in owning a team, putting it on the market, and then taking it back?!?! If this comes to fruition and he stays the owner, I will loathe him on a Shinn level. He's still got a ways to go before he approaches the Woolridge level of villainy, but he's quickly closing in on Shinn.

[ammofan]

If Bob does decide to hold onto the team, we sign Iverson and see how he makes money, its actually a smart move. To be honest, I could care less if Spongebob Squarepants is the owner as long as we make the playoffs.

[superb1]

precisely, I don't care who owns. As long as they do right by the team and make sound basketball decisions. Who knows an owner could be worse. But I think that some of you guys opinions are fueled from other issues from the beginning and he has not done anything right in your eyes ever since. I'm not saying he is the greatest owner nor is he the worst, but he must have done some things right in life to be in this position now to be selling a team. Many of you only dream of this chance. Nothing is ever good for you guys. Don't run a foul of you because there is no forgiveness.

Now Bobby sell the team before you ruin it like you done BET.

[spectre]

The source confirmed to News 14 Carolina that a group of investors led by former Houston Rockets president George Postolos is one of four or five legitimate bidders.

However, the source said right now that group is neither ahead nor behind the other finalists.

The source also said the bidding war to buy the Bobcats won't pick up until after Labor Day and likely wouldn't be finalized until sometime during the upcoming season, and that whoever buys the Bobcats will keep the team in Charlotte.
http://news14.com/content/sports/basketball/613481/source--bobcats-sale-could-last-into-the-fall/

[Felton for Prez]

FFP, would that be "net"...as in valuation after debt has been taken into account?

Either way, that'd make a WHOLE lot more sense.

Good question...I assume you are referring to contracts as the debt (not sure what they have in terms of regular corporate debt, I'm sure Bob has financing on the purchase price, but not sure of the details.) I would guess it is a net number since Bob's reserve is at least his 300mm equity he put in upfront.

I saw another comment about MJ's bid being equivalent to 350mm and I just can't agree. Bob-o paid 300mm and from what I've heard he's lost at least 30mm so if it was a 350 equivalent, he'd have sold already. That's why I'm convinced MJ and probably Postolos are bidding on a full team value of less than 300. And ya know what? They should. Based on how the team has been run, local apathy and that silly little economic crisis that we are going through, its not worth what he paid for it.

[ammofan]

Again, this may be a smart business move if you look at it from B.J.'s view. If we sign Iverson the value of the team will go up alot. And then he could sell middle of the season, making lots more money. And imagine if we make the playoffs for the first time, our stock will rise. I am just saying, I can see where Bob is coming from.

[TheBeagle]

http://news14.com/content/sports/basketball/613481/source--bobcats-sale-could-last-into-the-fall/
Good find, spectre. The phrases that make me happiest are "bidding war to buy the Bobcats" and, obviously, "whoever buys the Bobcats will keep the team in Charlotte."

I'm okay with a mid-season sell as long as it does get done, and signs point to it, at least from this article, getting done in time!