Current Bobcat's owner Bob Johnson is said to be seeking $350 million for the franchise, which he owns 70% of.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?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.
Is this good or bad?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.
I don't have to ask about that one...I know it's 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.