While columnist Leonard Pitts forever buries the notion of Bob Johnson as someone to esteem, oddly going without comment this weekend has been the revelation that Johnson has seen his local co-owners in the Bobcats melt away.
On Friday the Charlotte Business Journal reported that Johnson’s share of the franchise has increased by almost 25 percent since the team moved into the Uptown arena. The specifics:
Johnson now owns close to 80% of the franchise, up from 65% in 2004. … Johnson’s ownership stake actually increased in recent years as local investors declined overtures to answer capital calls as the franchise hemorraged cash.
In other words, local investors tapped out, said they were done. Walked. On the big Bobcat. Now his outburst about lack of support makes sense. Still beyond stupid, but now we know what provoked it. Someone said no to Bobcat and he freaked out. Further, Johnson can look around and see that pretty soon it is just gonna be him, Nelly, and MJ on the hook for this outfit.
That’s why I say that the biggest target this off-season will not be a name coach or a lotto pick or a free agent — it’ll be some big name, local investor for the Bobcats.
Bonus Observation: Do not forget that the Charlotte Regional Visitor’s Authority wants $33 million — $11 million of which it does not have — to spend on Cricket, Ovens, and the Convention Center. The race is on to claim cash from the sale of the 277-Caldwell interchange land over and above what is “earmarked” for the Convention Center expansion-NASCAR Hall of Fame. By my informal count, this’ll be the third upgrade at Ovens in the last decade.
