Big news out of the NBA today; according to CNN, Michael Jordan has agreed to purchase owner Robert Johnson's majority share of the Charlotte Bobcats:
Michael Jordan Reaches Deal To Purchase Charlotte Bobcats
Johnson said he has signed a “definitive agreement” to sell majority interest of Bobcats Sports and Entertainment to Michael Jordan and MJ Basketball Holdings, LLC. The deal is subject to NBA approval. Details on the purchase price were not available.
Johnson, who founded BET and sold it to Viacom for $3 billion in 2001, announced that he had been looking for someone to buy earlier this year.
Jordan was already minority owner and the director of the team’s basketball operations. There’s no word yet on whether he’ll remain in that capacity or focus on ownership; perhaps the latter would be more ideal. After all, when an owner trusts only himself with the operations of the franchise, it usually doesn’t end well.
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