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The Bobcats will have a new unofficial team owner this week -- possibly even today -- reports Rick Bonnell of the Charlotte Observer. Your next question, if you took Journalism 101, and assuming you care about the ownership of the Charlotte Bobcats, which I shouldn't assume as a given, in any event, your next question would be: whom is buying the Bobcats? Good question! Let me get back to you!In all likelihood, it seems the bid of one George Postolos, a former Rockets exec integral in both the construction and financing of the Toyota Center and involved in Yao Ming's American transition, will be the successful nod. Michael Jordan, that Michael Jordan, erstwhile (ha!) basketball ops boss and minority owner of the Bobcats, had the option to buy the Bobcats if founding owner Robert Johnson chose to sold. Varying accounts gave Jordan 30 or 60 days to come up with an offer matching that of Team Postolos.
Maybe MJ has been successful, though Bonnell reports Jordan had still been working on adding investors this week, which implies he's had some trouble getting the financing put together. But for those who want nothing more than a Jordan-run NBA team, MJ appearances at Board of Governors meeting, and a new one-man Competition Committee ... well, we've got hope, man.
As for Johnson, he might be the first NBA team owner to lose money on his investment over the life of the investment. Johnson's group paid a $300 million expansion fee in 2002, and has reportedly lost money every season since. Forbes places the team's value at less than $300 million, and Forbes is typically considered generous in its team valuation estimates.
The original owners of the Grizzlies even managed to make a profit off the sale of that woeful (in Vancouver) team. The original owners paid a $125 million expansion fee in the early '90s, and sold to current owner Michael Heisley in 2000 for $160 million. It's unclear whether the Grizz lost more than $35 million during the Vancouver stay.
Bruce Ratner is believed to have sold the Nets to Mikhail Prokhorov for less than the $300 million he spent on the team, but one could argue Ratner's financial interest in the Nets was merely a necessary evil to get his massive Atlantic Yards project in Brooklyn built. I dare say Ratner will come up roses in the end.
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