360° Coverage : How Michael Jordan Outsmarted Robert Johnson And Herb Kohl

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How Michael Jordan Outsmarted Robert Johnson And Herb Kohl

Apr 20 2014, 10:52am CDT | by

The agreed to sale of the Milwaukee Bucks last week by Herb Kohl to Marc Lasry and Wesley Edens for $550 million shows how Michael Jordan outsmarted a billionaire and a U.S. senator. In June 2003,...

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14 weeks ago

How Michael Jordan Outsmarted Robert Johnson And Herb Kohl

Apr 20 2014, 10:52am CDT | by

The agreed to sale of the Milwaukee Bucks last week by Herb Kohl to Marc Lasry and Wesley Edens for $550 million shows how Michael Jordan outsmarted a billionaire and a U.S. senator.

In June 2003, Jordan was considering whether to either invest in the Bucks or the NBA’s expansion team in Charlotte. Kohl was looking to get $170 million for his team, and BET founder Johnson, who had bought the Bobcats six month earlier for $300 million, wanted to bring in Jordan as an investor. Jordan was looking to invest $50 million of his own loot for which he wanted managerial control.

But the senator decided not to sell the Bucks in to the former Chicago Bulls great, and Jordan did not invest in the Bobcats because Johnson would not let him run the team.

Since then, the Bucks have gone through a decade of futility on the hardwood and have stayed afloat with the help of revenue-sharing subsidies. Meanwhile, the Bobcats quickly became a debacle and Johnson eventually sold the entire franchise to Jordan for just $175 million (the enterprise value consisted of $150 million of debt and only $25 million of equity).

Jordan has turned the Bobcats around. The team posted a mark of 43-39 this year and made the playoffs for just the second time. And the Bobcats play in a bigger market than Milwaukee and have a more lucrative arena.

No doubt, Kohl has made out well on his $18 million purchase of the Bucks in 1986. But there is also no doubt that Jordan’s $25 million of equity has increased much more with the Bobcats than it would have with the Bucks.

 
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7 weeks ago

RM47mil KWSG contributions still unclaimed

Jun 9 2014 7:54am CDT | Source: Business Times Malaysia

KUALA LUMPUR: About RM47 million of contributions in the Teachers Provident Fund (KWSG) still remain unclaimed, the Dewan Ra ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 
Update
9

7 weeks ago

Gold shop lost almost RM1mil

Jun 9 2014 3:50am CDT | Source: Business Times Malaysia

KANGAR: A gold shop owner lost almost RM1 million after after the safe on in his shop was broken into by rob ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 
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8

7 weeks ago

Motion to debate MAS losses in Dewan Rakyat rejected

Jun 9 2014 3:39am CDT | Source: Business Times Malaysia

KUALA LUMPUR: AN emergency motion to debate the losses incurred by Malaysia Airlines last year, amounting to RM1.2 billion was rejected by the Dewan Raky ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 
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7

7 weeks ago

MH370 Tragedy: Hisham: RM27.6 mil spent on 1st phase of SAR

Jun 9 2014 2:11am CDT | Source: Business Times Malaysia

KUALA LUMPUR: Malaysia spent some RM27.6 million in its first phase of the search operations for missing Malaysia Airline flight MH370, said Acting Transport Minister, Datuk Seri Hishammud ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 
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6

7 weeks ago

9.1m litres of diesel seized in a month

Jun 8 2014 1:11am CDT | Source: Business Times Malaysia

PUTRAJAYA: The Domestic Trade, Cooperatives, and Consumerism ministry has seized some 9.1 million litres of diesel and property worth RM58 million since mounting ‘Operasi Diesel Selatan’ in the southern states last ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 
Update
5

7 weeks ago

Girl, 9, awarded RM2.78m compensation for medical negligence

Jun 6 2014 4:56am CDT | Source: Business Times Malaysia

KUALA LUMPUR: A nine-year-old girl who suffered brain damage during her birth at a government hospital was awarded over RM2.78 million in compen ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 
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4

7 weeks ago

Malaysia's total trade in April up 12pc

Jun 5 2014 11:52pm CDT | Source: Business Times Malaysia

KUALA LUMPUR: Malaysia's total trade in April 2014 rose by 12 per cent from a year ago to RM123.86 billion due to growing trading activities, International Trade and Industry Minis ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 
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8 weeks ago

Works Ministry to spend RM20m for upgrading works at 50 accident black spots

Jun 4 2014 11:35pm CDT | Source: Business Times Malaysia

JOHOR BARU: The Works Ministry will implement upgrading works at 50 accident prone locations in the country that have been identified this year involving an allocation of RM20 ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 
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8 weeks ago

Najib launches loan scheme for Ramadan traders

Jun 4 2014 10:24pm CDT | Source: Business Times Malaysia

PUTRAJAYA: Prime Minister Datuk Seri Najib Razak today launches RM45 million Ramadan Bazaar Schem ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 
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1

8 weeks ago

Residents bring up objection against Kidex to Suhakam

Jun 4 2014 4:49am CDT | Source: Business Times Malaysia

PETALING JAYA: A group of 20 Petaling Jaya residents held a meeting with the Human Rights Commission of Malaysia (Suhakam) over their objection against the proposed RM2.2 billion Kinrara Damansara Skyway (Kidex) ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 

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