blupun
06-20-2006, 06:24 AM
I actually forgot to mention this last week when the news broke--but it may still be news to some of you. Check out this article per charlotte.com:
Jordan takes stake in Charlotte Bobcats
NBA legend has say over coach, GM
RICK BONNELL
rbonnell@charlotteobserver.com
Three years later, Charlotte Bobcats majority owner Bob Johnson finally got his man.
Back in 2003, Johnson asked former NBA superstar Michael Jordan to become his partner and oversee the NBA expansion team's basketball operations. After months of consideration, Jordan turned Johnson down.
On Thursday -- two seasons into the team's existence -- Jordan bought into the Bobcats and Johnson's other businesses. In return, he'll get the right to oversee the team's player-personnel operations.
Based on Johnson's description of Jordan's share -- the largest single investor other than Johnson and Charlotte-based banks Wachovia and Bank of America -- an industry source estimated Jordan will pay between $10 million and $20 million for a piece of the team, for which Johnson paid $300 million in 2002.
Jordan also is investing in Johnson's other businesses, which include media, real estate and gaming. Johnson wouldn't say how much Jordan bought, but emphasized Jordan is paying for that share, rather than trading on his celebrity.
"The only way you acquire equity (in the Bobcats) is in cold, hard cash," Johnson said during a conference call with the media Thursday night.
Johnson said he still owns more than 50 percent of the team. He said Jordan did not acquire a right of first refusal should Johnson eventually want to sell controlling interest in the team.
Johnson said Jordan wouldn't function like a day-to-day employee of the team, but will have final authority to endorse or veto decisions made by coach-general manager Bernie Bickerstaff.
Johnson said Jordan and Bickerstaff already have spoken and Jordan will spend the next few days getting up to speed on draft prospects. The Bobcats have the third overall pick in the NBA draft June 28.
Jordan, who grew up in Wilmington and led UNC Chapel Hill to an NCAA championship his freshman year, wasn't available for comment beyond a prepared statement. It was clear from that statement that his interest is more in the basketball operation than the business side for the Bobcats.
"I'm excited to join Bob, and invest alongside one of the most astute businessmen I know," said Jordan. "I am also looking forward to providing my advice, where needed, to Bobcats' management in order to put the best possible team on the court."
This will be Jordan's second stint assembling an NBA team. He had mixed results overseeing the Washington Wizards in 2000 and 2001. Some of his basketball decisions -- most notably drafting high school player Kwame Brown first overall -- didn't work out. But his presence with the Wizards, particularly when he came out of retirement as a player, guaranteed home sellouts and resuscitated the franchise financially.
Despite that, Wizards Chairman Abe Pollin declined to reinstall Jordan as head of basketball operations after Jordan retired as a player in the spring of 2003.
The Bobcats' problems are more on the business side than the basketball operation. The team's top three business executives -- team President Ed Tapscott, Chief Operating Officer Peter Smul and Chief Marketing Officer Chris Weiller -- left their jobs in the past four weeks.
An informed source said the Bobcats sold about 5,700 season tickets last season -- third-worst in the league ahead of Portland and Minnesota. The team recently cut ticket prices for next season in the new uptown arena and a year ago had to fold a regional sports television network -- C-SET -- after one season and about $15 million in losses.
Johnson said he wouldn't leverage Jordan's fame to market the team.
"You don't do that. Michael is an owner just like any other owner. He understands this is a sport and a business," Johnson said.
"You do not leverage Michael Jordan. You don't need to. He will do what it takes to make this franchise successful."
Johnson and Jordan live outside Charlotte -- Johnson in the Washington, D.C., area, and Jordan in metropolitan Chicago. Neither is expected to move here, although Johnson said Jordan would have office space at the new arena if he wants.
Johnson isn't looking for Jordan to carry the marketing burden, but experts said Jordan's presence could give the team a needed boost. His presence as an endorser of sneakers, sports drinks and even underwear have given companies huge buzz in the past.
"It's a `feel good' move," said Richard Halliburton, senior media buyer for Specialized Media Services and a vice president in the Charlotte Ad Club.
"People here still look at him as a hometown guy and a good guy despite all the mistakes he's made. People have short memories. But a lot will depend on whether he's just a figurehead or actually out there doing things for the team."
It sounds as if Jordan already is at work, at least on shaping a roster.
"They got into (discussions) right away," Johnson said of Jordan and Bickerstaff. "Bernie will be doing a download of everything (Jordan) will need.''
Jordan takes stake in Charlotte Bobcats
NBA legend has say over coach, GM
RICK BONNELL
rbonnell@charlotteobserver.com
Three years later, Charlotte Bobcats majority owner Bob Johnson finally got his man.
Back in 2003, Johnson asked former NBA superstar Michael Jordan to become his partner and oversee the NBA expansion team's basketball operations. After months of consideration, Jordan turned Johnson down.
On Thursday -- two seasons into the team's existence -- Jordan bought into the Bobcats and Johnson's other businesses. In return, he'll get the right to oversee the team's player-personnel operations.
Based on Johnson's description of Jordan's share -- the largest single investor other than Johnson and Charlotte-based banks Wachovia and Bank of America -- an industry source estimated Jordan will pay between $10 million and $20 million for a piece of the team, for which Johnson paid $300 million in 2002.
Jordan also is investing in Johnson's other businesses, which include media, real estate and gaming. Johnson wouldn't say how much Jordan bought, but emphasized Jordan is paying for that share, rather than trading on his celebrity.
"The only way you acquire equity (in the Bobcats) is in cold, hard cash," Johnson said during a conference call with the media Thursday night.
Johnson said he still owns more than 50 percent of the team. He said Jordan did not acquire a right of first refusal should Johnson eventually want to sell controlling interest in the team.
Johnson said Jordan wouldn't function like a day-to-day employee of the team, but will have final authority to endorse or veto decisions made by coach-general manager Bernie Bickerstaff.
Johnson said Jordan and Bickerstaff already have spoken and Jordan will spend the next few days getting up to speed on draft prospects. The Bobcats have the third overall pick in the NBA draft June 28.
Jordan, who grew up in Wilmington and led UNC Chapel Hill to an NCAA championship his freshman year, wasn't available for comment beyond a prepared statement. It was clear from that statement that his interest is more in the basketball operation than the business side for the Bobcats.
"I'm excited to join Bob, and invest alongside one of the most astute businessmen I know," said Jordan. "I am also looking forward to providing my advice, where needed, to Bobcats' management in order to put the best possible team on the court."
This will be Jordan's second stint assembling an NBA team. He had mixed results overseeing the Washington Wizards in 2000 and 2001. Some of his basketball decisions -- most notably drafting high school player Kwame Brown first overall -- didn't work out. But his presence with the Wizards, particularly when he came out of retirement as a player, guaranteed home sellouts and resuscitated the franchise financially.
Despite that, Wizards Chairman Abe Pollin declined to reinstall Jordan as head of basketball operations after Jordan retired as a player in the spring of 2003.
The Bobcats' problems are more on the business side than the basketball operation. The team's top three business executives -- team President Ed Tapscott, Chief Operating Officer Peter Smul and Chief Marketing Officer Chris Weiller -- left their jobs in the past four weeks.
An informed source said the Bobcats sold about 5,700 season tickets last season -- third-worst in the league ahead of Portland and Minnesota. The team recently cut ticket prices for next season in the new uptown arena and a year ago had to fold a regional sports television network -- C-SET -- after one season and about $15 million in losses.
Johnson said he wouldn't leverage Jordan's fame to market the team.
"You don't do that. Michael is an owner just like any other owner. He understands this is a sport and a business," Johnson said.
"You do not leverage Michael Jordan. You don't need to. He will do what it takes to make this franchise successful."
Johnson and Jordan live outside Charlotte -- Johnson in the Washington, D.C., area, and Jordan in metropolitan Chicago. Neither is expected to move here, although Johnson said Jordan would have office space at the new arena if he wants.
Johnson isn't looking for Jordan to carry the marketing burden, but experts said Jordan's presence could give the team a needed boost. His presence as an endorser of sneakers, sports drinks and even underwear have given companies huge buzz in the past.
"It's a `feel good' move," said Richard Halliburton, senior media buyer for Specialized Media Services and a vice president in the Charlotte Ad Club.
"People here still look at him as a hometown guy and a good guy despite all the mistakes he's made. People have short memories. But a lot will depend on whether he's just a figurehead or actually out there doing things for the team."
It sounds as if Jordan already is at work, at least on shaping a roster.
"They got into (discussions) right away," Johnson said of Jordan and Bickerstaff. "Bernie will be doing a download of everything (Jordan) will need.''