Michael Jordan to be Bobats owner

Michael Jordan’s drive and immense physical talent made him an NBA superstar. His stardom and shrewdness helped him make millions in business.

His latest venture will test his talents and skills like no other.

NBA commissioner David Stern said yesterday he expects Jordan to be approved as majority owner of the Charlotte Bobcats by the end of next month. Minutes before his exclusive negotiating window expired late Friday night, Jordan struck a deal with owner Bob Johnson to take over the money-losing team in his home state.

It puts the biggest basketball star of his generation in charge of a 6-year-old team that’s never made the playoffs, has struggled to win over fans and has more than $150 million in debt.

Can Jordan’s streak of business success continue?

“If he’s going to be an absentee owner, just like Bob was, it’s not going to work,” said Felix Sabates, a NASCAR team owner who also holds a minority stake in the Bobcats. “I think if Michael makes a commitment and shows dedication, he can be very successful. He’s a big icon in this part of the country.”

An icon that rarely has been seen. He’s been a part-owner of the Bobcats with the final say on all basketball decisions since 2006. But Jordan has kept a low profile, rarely attending practices or games, taking no role in marketing and leaving the day-to-day operations to a team of assistants.

But former Houston Rockets executive George Postolos, who had an ownership group together to buy the team before Jordan swooped in at the last minute, thinks the deal shows Jordan really wanted the team.

“It’s a very substantial part of his net worth,” Postolos said. “He’s very, very committed.”

Jordan remained silent yesterday. Details of his ownership group - called MJ Basketball Holdings LLC - weren’t available. Sabates said he won’t be part of Jordan’s ownership group, and believes Jordan is buying 100 percent of the team.

Johnson, the first black majority owner of a major professional sports team, has also declined comment after coming close to ridding himself of a venture that cost him a fortune.

“Whatever the number is, Bob is taking a huge financial loss,” Sabates said. “He tried hard. He just made some stupid mistakes. Bob has a bit of an attitude problem that some people owe him. Nobody owes anybody anything.”

Johnson, the founder of Black Entertainment Television, paid $300 million for the expansion team, which replaced the New Orleans-bound Hornets in this town and began play beginning with the 2004-05 season.

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