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Charlotte Bobcats For Sale: A Franchise In Turmoil

Published by on May 22, 2009
Article Source: Bleacher Report - NBA

This news isn’t a surprise to anyone close to the situation down in Charlotte, but it was made official today: The Bobcats are for sale.

The Charlotte Observer notes that, due to poor attendance and operating in the red for too long, majority owner Bob Johnson has decided to put the franchise up for sale.

Johnson paid $325 million in 2003 to bring the NBA back to the Queen City and now, six years later, he is reportedly asking for the same amount to wash his hands of the team.

In these economic times, attempting to sell a team that is losing money for that price tag will be next to impossible. Forbes Magazine had valued the Bobcats at $284 million, which put them as the second least valuable brand i...

Read Complete Article at Bleacher Report - NBA
Article is property of BleacherReport.com

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