Bob Johnson Refuses To Sell `'Charlotte Bobcats,' Despite Economic Turmoil!!!!!!!

by **J The Kidd** Thu Oct 23, 2008 11:42 pm

In the midst of the National Basketball Association eliminating
about 80 jobs in the United States, due to the ecnomic downturn, NBA
team owner Bob Johnson says he will hang on to his struggling Charlotte
Bobcats no matter how bad the economy gets.

Johnson, the first black majority owner of a major professional
sports team, paid $300 million for the expansion franchise four years
ago, and has laid off nearly 40 employees in the past month to save
money. Also, three top executives have left the organization, reports
state.

But the founder of Black Entertainment Television said he has no
intention of unloading the team, and will spend whatever it takes to
get the Bobcats to the playoffs for the first time.

"I'm not selling the team," Johnson said. "We have had calls from
people wanting to know if they would want additional investors in the
team. But there have been no discussions and I'm not interested in
selling the team."

At the recommendation of a consulting firm, Johnson gutted the business
and marketing departments, leaving just a skeleton crew and plenty of
empty cubicles. But he insisted the basketball operations will not be
affected by the cost-cutting, according to Eurweb.com.

The team re-signed forward Emeka Okafor to a six-year, $72 million deal
this summer and hired Hall of Fame coach Larry Brown to replace Sam
Vincent. Charlotte's payroll of about $63 million this season is above
the NBA's $58.7 million salary cap.

"Part of that study was focused on if you're able to put together a
winning combination on the court, it's going to have an impact on your
ability to sell tickets, attract sponsorships and advertisers," Johnson
said. "So we're doing the things we believe are most critical to drive
the value of this team and to demonstrate to the community that we are
committed to winning with our basketball product."