Cover Story: Deal for the Bobcats? - | WBTV Charlotte

Cover Story: Deal for the Bobcats?

CHARLOTTE, NC (WBTV) - Reports out that a deal to buy the Charlotte Bobcats is in the works.

You'll recall in the spring, majority team owner Bob Johnson but his 70-percent stake in the franchise on the market.

City officials confirmed there are several interested buyers, but the one that seems to stand out is an investment firm out of Houston.  The firm is owned by George Postolos who used to own the Houston Rockets.  He would not comment on any deals, but city officials say a deal could come within the next few weeks.

We first learned the team was on the market back in May.  We know Johnson bought the team for $300 million dollars and financed another $30 million in capital.  His goal is to get a reasonable offer, in the meantime, the team continues to lose money and they've even put player decisions on hold.

City officials say they would welcome new owners with open arms.

Michael Smith with Center City Partners said, "as long as the ownership is willing to make investments that are on hold right now, that's really what we're looking for.  A team that brings good quality, people of character, that play for our Bobcats, and our kids can be proud of and that's gonna win some ballgames and make some playoffs."

City officials say it is highly unlikely a new buyer would move the team out of Charlotte.

Johnson signed a 20-year lease on the arena and would have to pay millions to break it.

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