Agreement in place for sale of Charlotte Bobcats

Robert L. Johnson, the majority owner of Bobcats Sports and Entertainment today announced that he has signed a definitive agreement to sell majority interest of Bobcats Sports and Entertainment to Michael Jordan and MJ Basketball Holdings, LLC.  The deal is subject to NBA approval.

According to the Charlotte Observer, former Houston Rockets president George Postolos said: “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.”

InsideHoops.com will update this page on Saturday.

The AP reports:

The purchase price and details of Jordan’s ownership group — called MJ Basketball Holdings LLC — weren’t immediately available. Blunt said Johnson would have no further comment.

Former Houston Rockets executive George Postolos also bid on the Bobcats and didn’t immediately return a message seeking comment.

The AP reports:

After paying $300 million for the expansion franchise that began play in 2004-05, Johnson has lost tens of millions of dollars each season as the Bobcats have struggled to draw fans and find sponsorships.

Johnson, the founder of Black Entertainment Television, recruited Jordan to be a minority investor and gave him the final say on all basketball decisions.