Charlotte Bobcats still for sale

The Charlotte Bobcats continue to be for sale, and it sounds like the current owner can’t wait to part ways with the team. Rick Bonnell of the Charlotte Observer reports:

Bob Johnson and Houston’s George Postolos continue negotiations on a deal that could shift control of the Charlotte Bobcats, multiple sources told the Observer Monday.

Whether a deal is imminent is anyone’s guess.

Johnson, who owns about 70 percent of the franchise, put the team up for sale months ago. Postolos, formerly president of the Houston Rockets, has assembled a group of investors. It’s unclear whether other bidders are still pursuing a purchase.

Sounds like a fantastic investment!

The Observer continues:

The team is heavily in debt – in excess of $100 million – and any buyer would have to take on that burden as part of the purchase… Johnson has told his minority partners to anticipate tens of millions in losses over the next two years.

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