As NBA owners and players gear up for what figures to be an acrimonious and potentially protracted labor negotiation in 2011, signs of the league’s dire financial straits continue to mount. The latest sign: Michael Jordan was reportedly able to buy a controlling stake in the Charlotte Bobcats with the franchise valued at a mere $175 million, according to Michael Ozanian of Forbes.com.
Michael Jordan Reportedly Buys Controlling Interest Of Bobcats At $175 Million Valuation
That $175 million valuation represents nearly a 42% decline in value from the $300 million former owner Bob Johnson paid for the team just seven years ago. With rumors that half to two-thirds of NBA teams are losing money in 2010 and franchise values likely continuing to plummet, don’t be surprised if the owners draw a very hard line in the sand and force a work stoppage in 2011 to try to push down salaries and control costs. The NBA: where amazingly depressing happens.
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