The Witches' Brew blog

has been moved to new address

http://www.witchesbrewonline.com

Sorry for inconvenience... but join us at our new spot!

Witches' Brew: BET Money Ain’t Sure Money?

Thursday, April 8, 2010

BET Money Ain’t Sure Money?



Word on the curb is BET co-founder and the country’s first black billionaire might need to get Cash4Gold on the horn, STAT.

Sources say Michael Jordan’s purchase of Johnson’s Charlotte Bobcats team is a sign that Johnson’s money is funny. These sources say Johnson is in desperate need of cash. The sale of his NBA team was reportedly sparked by a need for liquidity to fund his other investments. One person close to the situation says Johnson “put up a lot of cash and he’s nearly lost it all.”

Johnson’s fortune was estimated at $400 million but a huge part of that went to his ex-wife, and BET co-founder, Sheila. (Sidebar: Ya’ll know she's now married to the judge who handled their divorce, right? Gangsta move.)

Anyway, Johnson is involved in a number of businesses that require upfront cash (no CODs up in this piece), like hotels and whatnot. So he needs a serious cashflow to stay afloat.

Damn.

Source

Labels: , , ,

1 Comments:

At Thursday, April 8, 2010 at 10:58:00 AM EDT , Blogger Phlip said...

Well, when you're pretentious enough to buy an expansion team in an area and arena that had JUST failed a team (the New Orleans Hornets moved from Charlotte due to lack of fan support necessary to keep the team up).
Guess what?
HE LOST MONEY!!!
The Bobcats were as bad as new teams usually are. As Bob's luck runs, they got good and will make the playoffs this year, just as/after he sells the team.
Given I still hold the grudge that I'd reserve for anyone who started BET, I rather enjoy how it happened.

 

Post a Comment

Add your thoughts to the mix...

Subscribe to Post Comments [Atom]

Links to this post:

Create a Link

<< Home