The realities of what he’s taken on with the Charlotte Bobcats, on and off the court, have given him little time to reflect in what he calls his “shot of a lifetime.”
The Hall of Famer has experienced many of the unpleasant responsibilities of NBA ownership in the past seven months. He took on $150 million in debt with more on the way. Yet the six-time NBA champion is happy he pulled the trigger just minutes before his exclusive window to buy the team from Bob Johnson expired at midnight on Feb. 26.
While the purchase price was listed as $275 million—less than the $300 million Johnson paid for the expansion franchise—much of the deal included the assumption of debt and the promise to make capital improvements. Jordan owns 80 percent of the team and said he’s “comfortable” with that scenario.
“I’ve always wanted to own a team,” Jordan said. “The bonus is it’s in Charlotte, N.C. It’s where I grew up, North Carolina. It seemed like everything lined up, all the stars lined up, and it was just a matter of diving in and making it work.”
But Jordan, who has helped sell 2,000 new season ticket packages this year and gain 45 new sponsors in the past year, is discussing all subjects—even the team name.
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