A group headed by former Rockets president and chief executive officer George Postolos has entered into negotiations to purchase the Charlotte Bobcats, a person with knowledge of the talks said Saturday.
Postolos, who shepherded the Rockets through the arena referendum and move to the Toyota Center and helped the value of the franchise grow from $166 million to $422 million during his tenure, left the team in May 2006 after 7½ years to form The Postolos Group, a company that helps with the acquisition of sports franchises.
Postolos, 45, declined to comment Saturday, but in 2006 he said he hoped to be part of an investment group purchasing a team.
“I could be part of a group that owns a team,” he said. “That could be attractive. That has always been a goal of mine. It’s not an easy thing to make happen.”
NBA commissioner David Stern said at the time he thought “without a doubt” that Postolos eventually would own an NBA team. The Web site for The Postolos Group describes the company’s mission: “actively seeks to acquire major league teams.”
The Charlotte (N.C.) Observer reported last month that majority owner Bob Johnson had retained Galatioto Sports Partners to field offers of all or part of his 70 percent ownership of the Bobcats. Former NBA deputy commissioner Russ Granik, with whom Postolos worked as a special assistant to Stern before joining the Rockets in 1998, is Galatioto vice chairman.
Michael Jordan, a Bobcats minority partner, said Thursday that he also hoped to put together a group to buy the team. It is unclear whether Jordan would want to be involved in another group purchasing the Bobcats.
For Postolos, the Bobcats could be the opportunity he has sought.
“Everybody has an entrepreneurial spirit,” Rockets owner Leslie Alexander said in 2006 when Postolos left the team. “I know I did. And he’s done fantastic things for the Rockets. We have one of the best TV deals in the NBA. He led us through the turbulent times with the arena referendums. I think he wants to make his mark with his own company.”
Perish the thought. Where would this leave MJ and LB? True that the Houston guy turned the Rockets around financially and that would be good for the Cats but mentally the idea of being owned by some distant acquisition company is about as appealing as continuing to be owned by Robert Johnson. The scary question is whether MJ can put together a syndicate with as much money to spend as the Houston guy. Now I'm really worried.
No worries owl, the "potential" buyer is only pertaining to Johnson's 70% stock, and it may not even be the full 70%. Regardless of what happened (unless Jordan sold his as well), Jordan would still keep his share of the team.
You are worried about someone distant yet you want to keep MJ? ....
My main concern about losing MJ or at least losing his influence over player personnel decisions is the fact that LB came to the Cats because of MJ and what if the FO ends up having to find another coach. Otherwise, THB, you have a good point about the undesireability (?) of absentee ownership
Last edited by onewickedlady : 06-28-2009 at 06:23 PM.
I don't think any new owner would want to mess with the Jordan-LB dynamic right now. From what I hear this guy got very involved in the community in Houston and that would certainly be a positive in Charlotte. Also he has a history of getting good results in tricky negotiations which might help us get a better tv deal.