BET founder Robert Johnson is trying to unload his team, The Charlotte Bobcats.
The first NBA team owned by an African-American majority owner has been only modestly profitable for the business magnate, and its performance on the court has not been terribly impressive – at least until this season.
According to sources, former Houston Rockets CEO George Postolos has put in a bid for the team that Johnson is willing to accept. But former NBA legend and Bobcats minority owner and CEO, Michael Jordan, secured first right of refusal a few years ago.
That means Jordan has to match the cash Postolos is putting up or he could lose his share in the team and his job as its CEO. Postolos intends to change the team’s management if he becomes owner.
Jordan has rallied a team of investors, according to ESPN, but it is still unknown whether the NBA hall of famer will pony up enough cash to maintain ownership of the franchise.
As the club faces transfer of ownership, it is enjoying its best season in its short six-year history. Ranking sixth in the Eastern conference, the Bobcats are boasting a 24-23 season and are well on their way to the playoffs.
Neither Jordan nor Johnson could be reached for comment and the NBA is being mum on the impending sale of the North Carolina-based team.