CHARLOTTE, NORTH CAROLINA // With minutes to go until his exclusive negotiating window was to expire, Michael Jordan struck a deal late last night to buy a controlling interest in the Charlotte Bobcats, making the NBA's greatest player the owner 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'd been a part-owner 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 man was available for comment early today. The league's owners must still 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 on Friday.
"I remain committed to becoming an NBA owner, and I'm glad that Michael will continue to bring his talent to the sport and the league," Postolos said. "He's very, very committed."
It will end Johnson's stint as the first black majority owner of a major US professional sports team. Jordan becomes another black owner in another milestone for the Hall of Famer, but one that comes with many challenges.
Jordan, a six-time NBA champion, five-time NBA MVP and 14-time All-Star, has made millions lending his name to sneakers, apparel and other items.
Now he'll begin a completely different role, trying to make the Bobcats a winner, and the team and Charlotte's downtown arena profitable.
After paying US$300 million (Dh1.1 billion) for the expansion team that began play in 2004, Johnson accumulated about $150m in debt and the team was expected to lose tens of millions this season as it struggles to draw fans and find sponsorships.
Johnson, the founder of Black Entertainment Television, shook up management several times before recruiting Jordan to be a minority investor while giving him the final say on all basketball decisions. Jordan, who turned 47 this month, has had a unique role with the Bobcats.
General manager Rod Higgins runs the day-to-day basketball operations and Jordan has rarely attended practices or games, or worked on the marketing side of the operation. Jordan has had some missteps - drafting the disappointing Adam Morrison No 3 overall in 2006 - but he was also able to lure Hall of Famer Larry Brown to become coach at the beginning of last season. Jordan and Brown have made seven trades involving 21 players since the start of last season. The November acquisition of Stephen Jackson from Golden State has helped Charlotte get into play-off contention in the Eastern Conference. But attendance has still lagged, and Jordan has been criticised in Charlotte for rarely being seen - despite his iconic status in the state.
Jordan grew up in Wilmington, led the University of North Carolina to the 1982 college championship with a last-second shot, then remained one of the state's favourite sons when he starred with the Chicago Bulls.
Jordan's first stint as an NBA executive came with the Washington Wizards, where he was roundly criticised for drafting Kwame Brown with the No 1 overall pick in the 2001 draft. He changed roles when he returned briefly as a player, then was fired by owner Abe Pollin in 2003 when he tried to return to his role running the basketball operations. No one will be able to fire Jordan after he takes control of the Bobcats, and it's likely the team will not change much in the front office. Jordan's close friend, Fred Whitfield, is team president, and Higgins was Jordan's hire.
* AP
Real estate tokenisation project
Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.
The rules on fostering in the UAE
A foster couple or family must:
- be Muslim, Emirati and be residing in the UAE
- not be younger than 25 years old
- not have been convicted of offences or crimes involving moral turpitude
- be free of infectious diseases or psychological and mental disorders
- have the ability to support its members and the foster child financially
- undertake to treat and raise the child in a proper manner and take care of his or her health and well-being
- A single, divorced or widowed Muslim Emirati female, residing in the UAE may apply to foster a child if she is at least 30 years old and able to support the child financially
Nick's journey in numbers
Countries so far: 85
Flights: 149
Steps: 3.78 million
Calories: 220,000
Floors climbed: 2,000
Donations: GPB37,300
Prostate checks: 5
Blisters: 15
Bumps on the head: 2
Dog bites: 1
The National's picks
4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young
Specs
Engine: Dual-motor all-wheel-drive electric
Range: Up to 610km
Power: 905hp
Torque: 985Nm
Price: From Dh439,000
Available: Now
In numbers: PKK’s money network in Europe
Germany: PKK collectors typically bring in $18 million in cash a year – amount has trebled since 2010
Revolutionary tax: Investigators say about $2 million a year raised from ‘tax collection’ around Marseille
Extortion: Gunman convicted in 2023 of demanding $10,000 from Kurdish businessman in Stockholm
Drug trade: PKK income claimed by Turkish anti-drugs force in 2024 to be as high as $500 million a year
Denmark: PKK one of two terrorist groups along with Iranian separatists ASMLA to raise “two-digit million amounts”
Contributions: Hundreds of euros expected from typical Kurdish families and thousands from business owners
TV channel: Kurdish Roj TV accounts frozen and went bankrupt after Denmark fined it more than $1 million over PKK links in 2013
About Proto21
Date started: May 2018
Founder: Pir Arkam
Based: Dubai
Sector: Additive manufacturing (aka, 3D printing)
Staff: 18
Funding: Invested, supported and partnered by Joseph Group
LA LIGA FIXTURES
Friday (UAE kick-off times)
Levante v Real Mallorca (12am)
Leganes v Barcelona (4pm)
Real Betis v Valencia (7pm)
Granada v Atletico Madrid (9.30pm)
Sunday
Real Madrid v Real Sociedad (12am)
Espanyol v Getafe (3pm)
Osasuna v Athletic Bilbao (5pm)
Eibar v Alaves (7pm)
Villarreal v Celta Vigo (9.30pm)
Monday
Real Valladolid v Sevilla (12am)
Expert input
If you had all the money in the world, what’s the one sneaker you would buy or create?
“There are a few shoes that have ‘grail’ status for me. But the one I have always wanted is the Nike x Patta x Parra Air Max 1 - Cherrywood. To get a pair in my size brand new is would cost me between Dh8,000 and Dh 10,000.” Jack Brett
“If I had all the money, I would approach Nike and ask them to do my own Air Force 1, that’s one of my dreams.” Yaseen Benchouche
“There’s nothing out there yet that I’d pay an insane amount for, but I’d love to create my own shoe with Tinker Hatfield and Jordan.” Joshua Cox
“I think I’d buy a defunct footwear brand; I’d like the challenge of reinterpreting a brand’s history and changing options.” Kris Balerite
“I’d stir up a creative collaboration with designers Martin Margiela of the mixed patchwork sneakers, and Yohji Yamamoto.” Hussain Moloobhoy
“If I had all the money in the world, I’d live somewhere where I’d never have to wear shoes again.” Raj Malhotra
Afghanistan Premier League - at a glance
Venue: Sharjah Cricket Stadium
Fixtures:
Tue, Oct 16, 8pm: Kandahar Knights v Kabul Zwanan; Wed, Oct 17, 4pm: Balkh Legends v Nangarhar Leopards; 8pm: Kandahar Knights v Paktia Panthers; Thu, Oct 18, 4pm: Balkh Legends v Kandahar Knights; 8pm: Kabul Zwanan v Paktia Panthers; Fri, Oct 19, 8pm: First semi-final; Sat, Oct 20, 8pm: Second semi-final; Sun, Oct 21, 8pm: final
Table:
1. Balkh Legends 6 5 1 10
2. Paktia Panthers 6 4 2 8
3. Kabul Zwanan 6 3 3 6
4. Nagarhar Leopards 7 2 5 4
5. Kandahar Knights 5 1 4 2
Company%C2%A0profile
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Company profile
Date started: 2015
Founder: John Tsioris and Ioanna Angelidaki
Based: Dubai
Sector: Online grocery delivery
Staff: 200
Funding: Undisclosed, but investors include the Jabbar Internet Group and Venture Friends
Our family matters legal consultant
Name: Dr Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
A Prayer Before Dawn
Director: Jean-Stephane Sauvaire
Starring: Joe Cole, Somluck Kamsing, Panya Yimmumphai
Three stars
A MINECRAFT MOVIE
Director: Jared Hess
Starring: Jack Black, Jennifer Coolidge, Jason Momoa
Rating: 3/5
Ordinary Virtues: Moral Order in a Divided World by Michael Ignatieff
Harvard University Press
How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.