Charlotte Bobcats Owner Looking For Buyer

The owner of the Charlotte Bobcats is taking steps to find a buyer for the team.

A sports investment banker from Boston, Sal Galatioto of Galatioto Sports Partners, said Friday that he is representing Johnson in the potential sale.

Fan Lenie Martin assumes he knows why Johnson is selling.

“I figure he's losing money. If that's the case, I would do the same thing,” he said.

Johnson, who owns about 70 percent of the Bobcats, said in October that he was committed to the struggling team despite losing millions in the bad economy.

"I'm not selling the team," Johnson said then. "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."

The team has been fighting for fans and financial support from the Charlotte community since coming to the Queen City in 2004. Minority owners, including former NBA star Michael Jordan, have been told to expect monetary losses in the next two seasons. Thank you for participating. Is Bob Johnson The Worst Team Owner In Charlotte Sports History? Is Charlotte Bobcats' owner Bob Johnson the worst team owner in Charlotte sports history? Yes No

Fans have complained in the past of high ticket prices. The team’s home attendance ranks 26th among 30 NBA teams.

But residents shouldn’t worry that a new owner might move the team from Charlotte.

The city's 25-year arena lease agreement with the Bobcats says if the team leaves before the end of 2010, it'll have to pay the city $200 million in damages. If it leaves by 2015, it’s $150 million, and so on through 2030.

Mayor Pat McCrory called that a pretty good insurance policy for the arena and taxpayers.

“If they did leave, we'd be guaranteed $200 million, which would more than pay off the debt and probably deal with operating costs,” McCrory.

So Michael Smith, who heads Center City Partners, isn't worried about losing the team, but he is, like many, wondering about the owner.

“If there's a new owner, is that a positive or a negative?” reporter Jim Bradley asked.

“It depends on who it is, and we care desperately about who the new owner is," Smith said.

As part of city’s lease agreement, Johnson signed a personal guarantee that if the team leaves and can’t pay the damages, Johnson or any subsequent owner will have to pay.