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Robert Johnson founded the Bobcats by paying $300 million for an expansion team that began play in 2004. Then the B.E.T. founder reached deeper into his pockets for the millions required to run the team at a loss through the years, before finally selling the team in February 2010 at a huge loss.

It has long been suggested that owning a major sports franchise may be a magical investment that could scarcely fail, but if ever there were a counterexample, it’s Johnson. He experienced how financially painful professional sports ownership can be.

The forces that doomed Johnson would appear to remain as fiercely in place as ever. In August, ESPN.com’s John Hollinger and Chad Ford ranked the 30 NBA teams in terms of how well they’re positioned for the future. Categories assessed included players, management, money, market and draft performance. Their conclusion: “Charlotte not only came in last in our ratings, it also achieved barely half the score of the No. 29 Timberwolves. (How’s that for a slogan: ‘Our future is twice as bleak as Minnesota’s!’)”

Of course, the guy who is next in line to try to fix the Bobcats is none other than the legendary Michael Jordan. Almost always a favorite as a player, Jordan is a big underdog this time and it’s unclear whether or not he’ll succeed. As a basketball executive, his notable moves have included two of the worst draft picks — Kwame Brown first overall in 2001 and Adam Morrison third in 2006 — in NBA history. Wizards owner Abe Pollin fired Jordan as president of basketball operations, even though the team profited from the buzz he brought to the team. As the Bobcats’ financier-in-chief, Jordan’s pockets are shallower than much of the competition. And all this comes at a time when some of the smartest people believe managerial competence is not just more valuable than ever,

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