Knowing Cohan, I doubt it. What an idiot. He probably will pass up on the chance to make millions by holding on and passing up on deals. Sale of Charlotte Bobcats could be closer to fruition Jordan could make the buy, but a source says deal could be done with ex-Rockets president by April. By Rick Bonnell rbonnell@charlotteobserver.com Posted: Thursday, Feb. 04, 2010 On-going negotiations between Charlotte Bobcats owner Bob Johnson and former Houston Rockets President George Postolos could result in a sale of the NBA team during March or April, a source familiar with the situation confirmed Wednesday. One question concerning a potential sale is whether managing partner Michael Jordan is serious about buying controlling interest. ESPN The Magazine reports Jordan has right of first refusal to buy the team from Johnson that would expire at the end of February. Jordan did not reply to an interview request Wednesday from the Observer. While ESPN The Magazine characterized Postolos as making a “new” bid, his pursuit of the Bobcats has been consistent since last spring. The question has been Johnson’s willingness to sell; he made the team available, then pulled it off the market last summer, but now appears motivated to divest himself of the expansion team he agreed to buy from the NBA during late 2002. NBA sources say Johnson acknowledged to fellow owners that the Bobcats would lose tens of millions during the next few seasons. The team is still heavily in debt, well in excess of $100 million, and Johnson’s minority partners haven’t generally participated in cash calls to cover the losses. While the Bobcats have improved, with a winning record and a strong chance at their first playoff appearance, that hasn’t made much impact on ticket sales. The Bobcats are 22nd among 30 teams in home attendance, averaging 15,017. Postolos declined comment for this story but has long said his goal is to be managing partner of an NBA team. He ran the Rockets for several years and was a key player in getting that team’s arena, Toyota Center, through the political process in Houston. Postolos couldn’t buy controlling interest in the Bobcats, but sources say he’s backed by investors with the means to make a competitive offer. No other serious bidders have emerged publicly. The challenge for Johnson is selling a team he bought for $300 million, in what’s become a depressed economy. A pending sale of the New Jersey Nets – Russian billionaire Mikhail Prokhorov has agreed to buy 80 percent for a reported $200 million plus some debt assumption – can only lower the value of other NBA franchises. The Detroit Pistons are for sale, and possibly, too, the Washington Wizards following the death of owner Abe Pollin. Johnson has not commented on a possible sale and efforts to reach him Wednesday failed.
What I didn't know was the Nets were sold for about $200 M. Someone said the Warriors were worth around $320 M, so Ellison's offer was in the ballpark, but Rowell came out and turned him down flat. I'm not sure where the I won't take a penny less than $400 M came from, but it's ridiculous considering what other "comparable" teams are worth. We're not talking the Lakers here or an up and coming team like OKC. I figure Cohan already lost money not taking the $350 M offer two years ago.
