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Last summer, former Rockets exec George Postolos made a bid to purchase the Bobcats from fleeing founding owner Robert Johnson. It didn't work out, but rumors persisted that Johnson was ready to take bids. Well, Postolos is back and, according to ESPN's Ric Bucher, has an offer Johnson will accept. The hitch? Minority owner (and prez of basketball operations) Michael Jordan recently negotiated a right to match any offer. So the sale is on hold until the end of February, at which point MJ can match the bid, purchasing the Bobcats from Johnson, or allow Postolos to take over.Complicating matters, according to Bucher, is that Postolos does not plan on keeping MJ in power. Given Jordan's total front office track record, that's not entirely surprising. Even the recent moves which have worked out -- namely, trading for Stephen Jackson -- might be the workings of Rod Higgins, Jordan's deputy, a man who was a part of the team that initially brought Jackson to Golden State. No one can ever really tell what exactly Jordan does in Charlotte. That's a problem when a team fails to make the playoffs repeatedly (though that ought to change this season).
No word on Postolos's purchase price, or who Jordan might recruit for backing. For reference, Johnson paid an expansion fee of $300 million to get into the league in 2004. Forbes lists the team's value at $278 million; the Bobcats are believed to have lost money in most if not all seasons of the team's existence.
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