This just in, Bob Johnson is seeking a buyer for the Charlotte Bobcats. If you have several hundred million dollars to spare ( and we know that you do ) then give Bob a buzz. According to reports, he has “lost his passion” for being the owner of the Bobcats… I guess it just doesn’t give you the same rush that the Jumper Classic does.
Charlotte Bobcats majority owner Bob Johnson has stepped up efforts to sell the team, recently hiring a sports investment banker to look for a buyer.
Sal Galatioto, president of New York-based Galatioto Sports Partners, confirmed to the Observer Thursday that he’s representing Johnson in a potential sale. Galatioto declined to comment further on the situation.
Team spokesman Michael Thompson e-mailed the Observer Thursday to say Johnson was not available for comment. That same e-mail stated that Johnson’s company “does not comment on rumors.”
A source close to Johnson, speaking on condition of anonymity, said, “It’s true, he’s committed to selling the team,” adding, “He’s lost passion” for owning it.
Although the Bobcats have cost Johnson so much money he apparently is no longer a billionaire, he won’t sell cheap. Every really rich guy I’ve ever known looks at money as an end in itself: If he makes money, he wins; and if he loses money, he loses.
There is only one way for Johnson to recoup the millions he has lost, and that’s to find an owner who so desperately wants to play in the big leagues that he is willing to pay more than it is worth. Two years ago, such an idea was feasible. Now, it’s laughable.
Edit 5/22 – Although Bob Johnson won’t be missed by the majority of Bobcats fans, the fact that he is selling the franchise could have some negative on-court effects in the short term. The thoughts of Westbrook08 in our forums:
This is probably really good news long term,but very bad short term.Most owners when they are in selling mode want to shed as much salary as possible before the sale,which means ray may not be back now,our draft pick might be gone to unload nazr’s contract,and we might not do anything but sign minimum contracts in a year when we could really get some good players on the cheap because of the economy.I hope that I am wrong, or that someone good swoops in really quick before bob sets us back to year one.