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Michael Jordan To Become The New Majority Owner Of The Charlotte Bobcats

Michael Jordan New Owner Of The Charlotte Bobcats

Michael Jordan New Owner Of The Charlotte Bobcats


With minutes to go before his exclusive negotiating window was to close, Michael Jordan, the legendary NBA hall of famer struck a deal late Friday night to buy the controlling interest of the Charlotte Bobcats. The deal places the six-time NBA champion in charge of the money-losing team in his home state of North Carolina.

Current owner Bob Johnson announced in a statement that he’s agreed to sell the Bobcats to Jordan, who has been a part-owner running the team’s basketball operations since 2006. Jordan has been running the team’s basketball operations.

The purchase price and details of Jordan’s ownership group – called MJ Basketball Holdings LLC – weren’t immediately available. A spokeswoman for Johnson and a spokesman for Jordan said neither man was available for comment early Saturday.

The sell must still be approved by the league’s owners.

Jordan was in competition with former Houston Rockets executive George Postolos, who also had an ownership group together to buy the team. However, according to Postolos Jordan had the exclusive right to buy the club until just before midnight Friday night.

Just like in his playing days, Jordan hit another last-second shot – reaching a deal minutes before the deadline.

“I remain committed to becoming an NBA owner, and I’m glad that Michael will continue to bring his talent to the sport and the league,” Postolos said in a phone interview with The Associated Press. “He’s very, very committed.”

It will end Johnson’s stint as the first black majority owner of a major professional sports team. Jordan becomes another black owner in another milestone for the Hall of Famer, but one that comes with many challenges.

Jordan, a five-time NBA MVP and 14-time All-Star, has made millions lending his name to sneakers, apparel and other items. Now he’ll begin a completely different role, trying to make the Bobcats a winner, and the franchise and Charlotte’s downtown arena profitable.

After paying $300 million for the expansion team that began play in 2004-05, Johnson has accumulated about $150 million in debt and the team is expected to lose tens of millions this season as they struggle to draw fans and find sponsorships.

Johnson, the founder of Black Entertainment Television, shook up management several times before recruiting Jordan to be a minority investor while giving him the final say on all basketball decisions.

Jordan, who turned 47 this month, has had a unique role with the Bobcats. General manager Rod Higgins runs the day-to-day basketball operations and Jordan has rarely attended practices or games, or worked on the marketing side of the operation.

Jordan has had some missteps – drafting the disappointing Adam Morrison No. 3 overall in 2006 – but he was also able to lure Hall of Famer Larry Brown to become coach at the beginning of last season.

Jordan and Brown have made seven trades involving 21 players since the start of last season. The November acquisition of Stephen Jackson from Golden State has helped Charlotte get into playoff contention in the Eastern Conference.

But attendance has still lagged, and Jordan has been criticized in Charlotte for rarely being seen – despite his iconic status in the state.

Jordan grew up in Wilmington, N.C., led North Carolina to the 1982 national championship with a last-second shot, then remained one of the state’s favorite sons when he starred with the Bulls.

Jordan’s first stint as an NBA executive came with the Washington Wizards, where he was roundly criticized for drafting Kwame Brown with the No. 1 overall pick in the 2001 draft.

He changed roles when he returned briefly as a player, then was fired by owner Abe Pollin in 2003 when he tried to return to his role running the basketball operations.

No one will be able to fire Jordan after he takes control of the Bobcats, and it’s likely the team will not change much in the front office.

Jordan’s close friend, Fred Whitfield, is team president, and Higgins was Jordan’s hire.

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    Posted 4 years, 5 months ago at 12:35 pm. Add a comment

    WE SHALL NOT BE MOVED

    Play

    As spring approached the A& T protesters had expanded the protest to Kresses which also had a segregated lunch counter. Arrest were now being made for trespassing.

    The academic school year was now coming to an end and college students would be going home for the summer. The protest however would continue with the arrival of the mighty, mighty Dudley High School Panthers.

    Seeing no end to the protest on the part of the African A merican students, the Woolsworth’s store manager decided to integrate the store on July 26, 1960.

    Curtis and Mariah were happy that the protest had ended without harm to anyone.

    There may not have been any physical harm suffered but just like the protesters behind the school desegregation litigation there were consequences experienced by at least one of the four freshmen.

    David Richmond was born in Greensboro, NC and had graduated from Dudley High School where he set the state’s high jump record in 1959.

    While attending NC A &T State University, he majored in Business Administration and Accounting.

    David became a counselor coordinator for the CETA program in Greensboro.

    After a threat was made on his life, as a result of participating in the 1960 protest, David left Greensboro and moved to Franklin, N. C.

    Returning back to Greensboro to care for his elderly parents who had become ill, David was labeled a trouble maker for standing up for his civil rights. David had a difficult time finding employment. Eventually he was able to find employment as a janitor at a health-care facility.

    Sadly David Richmond died in 1990 at the age of 49.

    Mariah and Curtis off-springs, now with children of their own, supported the sit-ins but was unable to participate. Their daughter Sadie had graduated from Bennett College and was now employed as the Dietician at Palmer Memorial lnstitute,
    along with her husband Charles Bundrige. The youngest daughter Marie was now married to Frank Morris.
    They had two kids, and Frank was employed at P. Lorrilard Tobacco Company working the third shift. During the day, Frank attended NC A &T working on an accounting degree.

    Their son Curtis Jr. had married Alice Webb and they had four children of their own. Their youngest child would have the pleasure of working with David Richmond in the Ceta Program.

    Bill and Shirley had eight kids. Jesse,their second oldest daughter was now a student at Dudley H igh School. Bill and Shirley’s beautiful and eloquent daughter had been inspired by the sit-in movement. So were other young African Aamericans including Jesse Jackson who became president of A&T’s student body. Later in life, he would be the first A frican American to run for the President of the United States. As student body president, Jesse Jackson would lead a protest to desegregate the Mayfair and S&W Cafeterias. Jesse Bailey would be one of the participants. After receiving her parents blessings to join the protest she and other protesters including Jesse Jackson were arrested in downtown Greensboro in 1963.

    This was very distressful to Curtis and Mariah. By now young African Americans all over the United States were protesting and standing up for their rights.

    Bull Connors, the police commissioner from Birmingham, Alabama was providing daily evening news coverage as he attacked the non-violent protesters with dogs and water hoses.

    Curtis and Mariah, immediately posted bail for their granddaughter.

    Please join us tomorrow on Febone1960.net as we continue our exploration of the non-violent protest.

    I’m Yvonne Johnson, the first black elected Mayor of Greensboro, NC.
    For Spanish and hearing impaired versions, please go to the Febone1960.net Black History Month Calendar

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      Posted 4 years, 5 months ago at 7:36 am. Add a comment