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Anyone have $325-350 million laying around? That's the price Black Entertainment Television founder Robert Johnson wants for his controlling stake in the Charlotte Bobcats, according to the Charlotte Observer's Rick Bonnell (via The Baseline).Johnson has been rumored to be looking to offload the struggling franchise for months, telling an Observer columnist last month he's not terribly interested in running a basketball team and hoping minority owner/team president Michael Jordan would pony up. (Apparently, MJ is not breaking open the piggy bank.)
Interestingly, the New York broker Johnson has turned to for help -- Sal Galatioto -- told the Wall Street Journal last winter that it's a really, really, really bad time to be selling a major league franchise, what with the cost of credit (not too many folks actually have $325 million in cash) and the shrunken state of American discretionary income. Mix in that Charlotte's been a bad draw since the franchise's creation in 2003, and well ... good luck, Bob.
Bonnell supplies evidence that the team wouldn't leave Charlotte due to its lease agreement and the fact that Time Warner Arena in Charlotte might be the most valuable part of a prospective franchise purchase (with all due respect to Boris Diaw).
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