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BOB JOHNSON HAS NO PLANS TO SELL BOBCATS: But BET founder had to gut the company to save money in failing economy.
*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, reports The Associated Press. Also, three top executives have left the organization.
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.
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."
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