messy, messy, messy.
So if the minority owners truly do have First right of refusal, I have heard they have 60 days from the time they receive the certified deal. They still haven't gotten the certified deal yet according to some minority owners. Doesn't that kind of screw Seattle from even getting a deal even voted upon on April 19th?
1. Who did Jordan bring in?
2. Do all of the current minority owners have to be in the group that buys the 65%? What if only 80% of them want to do it, can those 80% still be used to exercise the right of first refusal?
Could you literally have only one existing minority partner, and then everyone else is new?
They'd just bid on the 7% - the issue being, first right of refusal. Bruski and Ham essentially confirmed they do indeed have it, so, they'll have the right to bid on it (all the minority owners will) before Seattle would. Now, if that wasn't the case, there would be a bidding war between Sacramento and Seattle, which Seattle would probably win.
Jordan just brought along investors, but, he used the right of first refusal to buy the team.With minutes to go until his exclusive negotiating window was to expire, Jordan struck a deal late Friday night to buy controlling interest of the Charlotte Bobcats, putting the six-time NBA champion in charge of the money-losing team in his home state.
Owner Bob Johnson announced in a statement that he's agreed to sell the Bobcats to Jordan, who has been a part-owner of the team since 2006. Jordan has been running the team's basketball operations.
The purchase price and details of Jordan's ownership group -- called MJ Basketball Holdings LLC -- weren't immediately available. A spokeswoman for Johnson and a spokesman for Jordan said neither was available for comment early Saturday.
The league's owners must approve the purchase.
Jordan was in competition with former Houston Rockets executive George Postolos, who also had an ownership group together to buy the team. But Postolos said Jordan had the exclusive right to buy the club until just before midnight Friday night.
* 52% of the team owned by the Maloofs is up for sale.
* 12% is owned by Bob Hernreich (he was once arrested for domestic violence, but charges weren't filed).
* Why does the 7% owed by Bob Cook matter if it's not for sale? Why is it being bid on?
But I don't buy that the Maloofs didn't know - they asked for that non-refundable $30 million for a reason.
There are also some things in there that Seattle says there is no ROFR so it's looking like a court issue, and no way this gets sorted out by April.