BET founder Robert Johnson is reportedly thinking about selling his majority stake of the Charlotte Bobcats after losing tens of millions of dollars in the venture, reports the Canadian Press.
Johnson became the first black majority owner of a major professional sports team when he paid $300 million for the expansion franchise in 2003, just over a year after the Hornets left Charlotte for New Orleans. But, he has yet to turn a profit because of poor attendance, lagging sponsorship sales and a failed attempt to start a regional sports television network.
His decision to sell could pave the way for minority investor Michael Jordan to take control of the team – if he’s willing to meet Johnson’s price.
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Forbes magazine recently valued the team at $284 million, which is less than Johnson’s expansion fee. The team plays in a city hard hit by the financial crisis, and the credit crunch could hurt any deal of that magnitude.
However, the team also keeps all profits from the downtown Charlotte arena it operates and the Bobcats have improved on the court. Jordan hired Hall of Fame coach Larry Brown last year and he guided the Bobcats to a 35-47 record, the best in the franchise’s five seasons.
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