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Bobcats Sale Embarassing for NBA

Edley

By Edley,
in Charlotte Hornets

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Edley Newbie

Edley

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http://blogs.forbes.com/sportsmoney/2010/03/charlotte-bobcats-sale-embarrassing-for-nba/

Michael Ozanian is National Editor at Forbes

If NBA owners approve, Michael Jordan is going to buy controlling interest in the Charlotte Bobcats for a price that values the franchise at about $175 million. This is a big blow to the NBA because current owner Robert L. Johnson paid an expansion fee of $300 million seven years ago and the league has several teams hunting for investors. Other than right here, I doubt you will see a price for a long, long time in the media. Usually, when a team is sold related stories include estimated prices, frequently leaked by the NBA or someone involved with the transaction. I searched Google but could not find one story that mentioned the price. The NBA is embarrassed about the $175 million valuation. And rightfully so.

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