Source: Associated Press

Michael Jordan’s plans to buy the Bobcats is just about a done deal.

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

NBA commissioner David Stern said Saturday 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 has been rarely 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 on Saturday. 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.”

How much is a Bobcat? Considering the debt the team is in, Jordon could easily cover the costs factored in KY financing of the most expensive ranch property from Kentucky to California for what he’s reportedly paying for the Bobcats. Let’s face it: the team needs either celebrity star backing it, or a good SC bankruptcy lawyer. As majority owner of the team, Jordon will likely play a more visible role in management than he has up until now. But managing a team takes more than money and he has enough of it to keep the team form having to deal with North Carolina bankruptcy attorneys.  Just like any business, there are technological costs involved including everything from management of online data recovery to telecommunications between players while out on the road.

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 in 2004-05. Johnson, who maintained his residence in Washington, had several missteps, from a failed venture to start a regional sports network, pricing tickets too high, clashing with business leaders and struggling to win over fans soured by the Hornets’ ugly exit.

While the Bobcats lost on the floor, Johnson was losing tens of millions of dollars each year despite a new arena funded by taxpayers. The losses mounted as he increased the player payroll after his successful effort to recruit Jordan, who bought a small stake in the team and was given control of personnel moves.

Just like his stint running the Washington Wizards and his decision to draft Kwame Brown No. 1 overall in 2001, Jordan quickly had a gaffe in Charlotte when he selected the disappointing Adam Morrison with the third pick in the 2006 draft.

While Jordan was eventually fired in Washington, he’s been praised for some recent moves in Charlotte, most notably persuading fellow Hall of Famer Larry Brown to take over as coach before last season. They’ve paired up to complete seven trades involving 21 players since the start of last season, and the Bobcats (28-29) are in playoff contention in the Eastern Conference.

“Everybody wanted to see him involved and I can’t imagine the NBA not having Michael Jordan involved,” Brown said Saturday while watching the North Carolina-Wake Forest game. “He’s been great for us to work with, he lets us do our job and he’s the best. So thankfully, he’s back.”

Jordan will become the second black majority owner for this franchise in a state where he’s adored. He grew up in Wilmington and hit a last-second shot to give North Carolina the 1982 national championship.

“We have been anticipating an agreement for transfer of a majority interest in the Bobcats and are pleased it has occurred,” Stern said in a statement. “Bob Johnson brought the excitement of the NBA back to Charlotte and I am certain that as Michael Jordan returns to his home state as the principal owner of the Bobcats the team will continue its growth as a success on the court, as a business success and as a valued community asset.”

Sabates said making Charlotte his home is key to making it work for Jordan. If he doesn’t, his streak of business success may end.

“If Michael doesn’t do that, he’s wasted a lot of money,” Sabates said. “But Michael is pretty smart and Michael’s got some pretty good advisers. He didn’t get to where he’s at by being dumb.

“This is the biggest investment of his life. He can have 19,000 people at every game. It’s up to him.”

________________________________

My Take: I agree that if Jordon is going to put some “magic” back into basketball in his home state he needs to show he’s got faith and genuine interest by being present, meaning putting down stakes in Charlotte and becoming a key player in the community, not just behind the scenes and courtside.

Whether you run a NJ narcotics law firm, a CA professional security solutions company, work as an Ocean County criminal attorney, or make your money running a hard drive recovery services firm in Louisville KY, you have to show that you are both emotionally and physically invested in your company. You can’t work as the owner of a Sacramento armed security guard company and live in Fiji and expect things to go smoothly, right?

So if Jordon wants to show he means business and if he wants to bring the “cats” back to the court with verve, get them out of debt, etc., all he has to do is show up and watch the fans start pouring in for games, and their money too.

Other Resources
Loan Modifications for FHA Loans
If you have a Louisville KY FHA loan and are having trouble paying your mortgage, you would probably qualify for a loan modification under President Obama’s TARP program. Government FHA loans and others qualify; you just have to jump through a lot of hoops, get your paperwork in order, and be very patient, as the process can take as long as six to seven months to complete. Visit HUD online for more information at http://portal.hud.gov/portal/page/portal/HUD/topics/avoiding_foreclosure.

Source: The Guardian

As London begins to plan for the Winter Olympics in 2012 what can chairman Seb Coe learn now from Vancouver’s Winter games set backs and upsets to prepare for his city’s opportunity to play host to the biggest sporting event on TV?

Some of the issues that have plagued the games’ organizers – such as the warm weather that led to convoys of lorries ferrying snow from higher ground and prompted refunds for 8,000 spectators – have been (largely) out of their hands. Others, such as the glitches that beset the opening ceremony, the home team’s brazen mission statement to “own the podium”, and the creaky transport system, have not. And then there is the furious debate surrounding the death in training of Georgian luger Nodar ­Kumaritashvili.

The repercussions for both Vancouver and the International Olympic Committee could be severe. Estimates put the cost of the games at CAN$6bn (£3.6bn), and the race to host the 2018 edition features just three bidders, the lowest number since 1988. The host broadcaster, NBC, stands to lose $200m on televising these games, so future sponsorship could suffer.

Skating By
These figures don’t entirely reflect the costs of any extra security that may or may not have to be employed, including hardware such as crowd control barricades, police forces, and part time security check personnel. The costs of putting on the Olympic games in winter is probably going to have the British crossing every “T” and dotting every “I” over the next couple of years, right down to the type of ice floor cover they use to protect their rinks leading up to the game.

The twin specters of the Montreal Olympics of 1976 and the 1996 Atlanta games hang over Vancouver. Montreal was left bankrupt, facing financial repercussions that lasted three decades. The Atlanta games, often cited as the worst in history, are remembered for a bomb attack, compounded by a host of other logistical problems.

Things are not quite that bad yet. But while London 2012 organizers insist they are planning for every eventuality, what they have seen in Vancouver will surely have made them redouble those efforts.

_______________________________________

My Take: Here’s my theory on what London should and shouldn’t be doing now to prepare for the 2012 games. First of all, they might want to think about ramping up their use of metal detection equipment in and around the site for obvious reasons. London is no Vancouver, and it is for all intents and purposes, one of the major hubs for international flights, including flights coming in and out of Pakistan, Turkey, Greece, and other portions of the Middle East. No metal detector alone is going to keep the games safe, but these games will need a lot of extra security protections in place before I’d be willing to attend. As much as I love the sexy costumes they wear in the skating competitions, and downhill skiing and snow boarding competitions, I’d be pretty nervous about flying in to London and this reporter here is on target when he says that the 2012 London games hosts and organizers have their hands full in rethinking not just how they will handle security issues, but all the other issues he mentioned.

Speaking of costumes, I’m thinking that we’re going to be seeing a lot of ware wolf Halloween costume picks this year given all the hoopla over the new Benicio Del Torro film “The Wolfman.” Nothing like a good monster to create a buzz, right? I’m betting a close contender will be characters from Percy Jackon’s “The Lighting Thief” as well. As a joke, Hades costumes could be a riot up against a gang of folks dressed up in fire resistant jackets. Not that flame resistant clothing would be fun to walk around in all night, but at least it would protect you from falling candles.

Other Resources:

Spring Cleaning

Halloween is a long way off, but spring is just around the corner.  If you’re searching for the best Arlington carpet cleaning Fairfax, or Virginia cleaning services Fairfax company, you should make sure to get references from workers before you bring them into your home.  Find out where they have worked before and for how long, and, most importantly, if they are trustworthy and reliable; the two most critical things you want in a cleaning service, right?

If you are a diehard sports fan, a sports ticket broker is a handy thing to have around. Every sports fanatic will tell you the only way to experience sporting action is live and in person. There is nothing that can compare to being there yourself and see it with your own eyes. Being surrounded by hundreds of like-minded and loud fans does not hurt either.

Many people do not know exactly what a sports ticket broker does. If you use their services regularly or are sports fanatic, then it makes sense to have one and you would know what they do. The main thing that they do is provide people with tickets they want.

For example, Superbowl tickets 2009 went very fast. A sports ticket broker would have been able to get tickets for the Super Bowl quickly and easily close to the date of the game without you having to stand in line. People will stand in line for hours to get that specific event ticket when they could easily get the ticket from a broker and save time. Standing in line does not always get you the best seats available.

A sports ticket broker can get you the perfect seats by getting the World Series tickets 2009 you want. A broker can even help get tickets when everybody else is sold-out.

A sports ticket broker can take all the hassle out of buying tickets, especially if they are being bought at the last minute. They will also be able to deliver your tickets on time for the game. You must remember that they may charge hefty fees and it is sometimes worth that extra cost when you get the impossible tickets for the game of the century.

This means that a sports ticket broker is a foe where cost is concerned and a friend were seating is concerned.