NBA: Expect approval of Bobcats' sale next week

Michael Jordan’s $275 million purchase of the Charlotte Bobcats should be approved by the NBA by the end of next week, Commissioner David Stern told the Charlotte Observer Friday morning.

Speaking publicly for the first time since Jordan agreed to buy control of the team from Bob Johnson, Stern pegged the price at $275 million - $25 million less than Johnson originally agreed to pay for the expansion franchise in 2002.

In a telephone interview, Stern said that drop in value is appropriate, due to the circumstances.

"I think it’s fair to say it’s struggled in Charlotte,’’ Stern said. "There was a late start on the building’s naming rights and the local cable deal. It didn’t start as well as we would have liked or Bob Johnson would have liked.

"Between that and the general state of the economy, it was appropriately priced - $275 million is the right ballpark price of it.’’

Stern said part of the league’s incentive for a quick approval process is Jordan’s urgency to start fixing things. Stern said Jordan told him emphatically during a recent meeting that he’ll put in the time and focus to address what ails a team in the bottom third of the NBA in attendance.

"He has a vision of making this back into a community asset,’’ Stern said. "He considers himself a native of North Carolina, even though I tease him about being born in Brooklyn, and he’s a pretty competitive person. He knows he can add value to that franchise, to continue its growth.’’

Jordan has not spoken publicly since agreeing at nearly midnight Feb. 26 to buy the franchise from Johnson, risking his own wealth that he can reinvigorate a franchise losing tens of millions annually.

Previous to this, Jordan was a minority owner, with oversight of basketball operations.

"Without question, that is his plan,’’ Stern said, when asked if Jordan is prepared to spend dramatically more time on the Bobcats. "To do whatever it takes to improve the team as a community asset.

"The naysayers will be very pleasantly surprised.’’

Stern confirmed that Johnson had a written agreement to sell the team to a group led by former Houston Rockets president George Postolos, had Jordan allowed his exclusive window to buy the team expire on Feb. 27.

Despite an improved product – the Bobcats would make the playoffs for the first time if the season ended today – the team has struggled financially, particularly in its ability to sell the most expensive seating in the lower bowl of Time Warner Cable Arena. Stern said Jordan and his executives are receptive to any help the league office can provide in improving the business-side operations.

It’s been an odd road for NBA basketball in Charlotte since the Hornets arrived in 1988. The Hornets regularly led the league in attendance, then the Hornets left in an arena dispute, then Johnson and the city never really clicked.

Stern said he still believes Charlotte can be a great NBA market.

"The embrace of the NBA by Charlotte was an extraordinary thing,’’ Stern said. "We tried very hard to return that embrace. So much so that we’ve been accused of returning too soon’’ between the time the Hornets left for New Orleans and the Bobcats started play.

"We know Charlotte is a major-league city and that North Carolina is a great basketball state. We think Michael Jordan is the right owner to make all that work again.’’

Stern said there are no unresolved issues – such as Jordan’s connections to Nike’s Brand Jordan – that have been unresolved in his approval process. That’s because most of those issues were addressed when Jordan was vetted as a minority owner.

So will having an iconic player as its owner make it any easier for the Bobcats to attract free agents and build toward a championship?

"I don’t see it as an advantage or a disadvantage,’’ Stern said. "If his presence makes that into a premier franchise, then players will want to be there. His name alone won’t do that.

"But I believe he will have that impact’’ to make the Bobcats a premier organization.

-- Rick Bonnell