Big surprise.
Rick Bonnell has finally gotten someone to admit that Bob Johnson is trying to unload the Bobcats — for 15 to 25 percent more than anyone thinks the team is worth.
For two years now the only question has been if Johnson’s massive ego would permit him to sell the franchise that cost him $300m. at a loss. Right now the answer is no. As a result, do not expect the team to change hands any time soon. Instead think of this as Johnson’s first salvo in convincing the NBA and the city of Charlotte that he is really tapping out.
This brings us back to the situation in Phoenix. A sports league and city government cannot force a team owner to lose money. If Johnson goes a year trying to sell, loses another $25-50m. — then what? Will the NBA step in to run the franchise as the NHL has done in Phoenix (Glendale)? Does the NBA then start to look to moving the franchise? Remember, the city agreements on the Uptown Arena are with the NBA, not Johnson.
The good thing is that the same ego that has Johnson over-valuing the Bobcats probably also prevents him from following bankruptcy route for Bobcat Sports Entertainment. But we shall see.
Update: Bonnell has a post up now citing an unnamed NBA source to the effect that they’d be surprised if Johnson owns the team at the start of next season. I wouldn’t be. In fact, the only thing that’d surprise me is if Johnson is not in litigation with the city and/or the NBA by then.
