Michael Jordan buys Bobcats

There was a lot of speculation about the possibility, or probability, that a group led by Michael Jordan was going to purchase the Charlotte Bobcats. That speculation has become reality, as Jordan was able to close a deal and buy the team in the eleventh hour of his negotiating window on Friday night. He takes the reins from Bob Johnson, the founder of the BET television network who was the first African American majority owner of a major American sports franchise.

Jordan is from North Carolina, and he of course attended the University of North Carolina at Chapel Hill, where he hit the game winning shot as a freshman to give the Tar Heels the NCAA title. He went on to be a part of six NBA championships as a member of the Chicago Bulls. He also played a little baseball in the minor leagues, where he was far less successful.

Insiders say that Jordan is investing the majority of his personal wealth in this venture, and his enormous popularity in his home state gives him a unique opportunity to generate interest in the Bobcats. That interest simply was not there for Johnson, who bought the team for $300 million and subsequently accumulated $150 million in debt.

Jordan was a great player, but his track record making managerial decisions in the NBA leaves much to be desired. He was fired as general manager of the Washington Wizards after a series of missteps, including using the #1 overall pick in the draft to select Kwame Brown, who turned out to be a bust. With the Bobcats he made Adam Morrison the #3 pick in the 2006 draft, but Morrison has been unable to produce at the NBA level. He is presently averaging two points, one rebound, and half an assist per game as the last man on the Lakers’ roster.

Given Jordan’s resume as an NBA decision maker, it’s hard to expect good things from the Bobcats going forward, but you have to respect him for putting his money on the table and taking charge of his own destiny.