As I suspected would be the case, NBA commish David Stern moved to slap down reports that Michael Jordan only paid $175m. for one of Stern’s franchises. Stern told local NBA stenographer Rick Bonnell that the selling point was really $275m. — which Bonnell dutifully repeated without question — without even mentioning other alternate valuations.

Let’s walk through this, shall we?

  1. If Jordan paid $275m. for the team he has partners. Who are they? Presumably this will come out when the league rubber-stamps the deal next week.
  2. What was the enterprise value of the Bobcats at sale? This is what Forbes reporter Michael K. Ozanian zeroed in on when the NBA came gunning for him. The NBA had no answer, meaning Ozanian was correct — MJ put down $25m. upfront, borrowed $150m., assumed the debt, and took the keys to the Bobcats.
  3. How much of the Bobcats does MJ own? Ozanian says 90 percent.
  4. Does the sale in any way amend the team’s contract with the CRVA for the operation of the arena?

This is not difficult stuff. We should have answers.