Robert Johnson and Michael Jordan Forms New Business Venture
Robert L. Johnson founder of BET and majority owner of the NBA's Charlotte Bobcats, announced today that he will enter into a venture with Michael Jordan to invest in business opportunities in media, entertainment and financial services.
As part of Jordan's investment in Johnson's existing portfolio, Jordan will become the largest individual owner of the Bobcats after Johnson. Jordan will become the Managing Member of Basketball Operations for the Bobcats ownership group.
"I'm thrilled to have my friend, Michael Jordan, join me in my business and sports pursuits," said Robert L. Johnson, Chairman and CEO of The RLJ Companies and the Charlotte Bobcats. "I not only respect Michael for his basketball knowledge and expertise, but also for his business skills, particularly in branding and marketing. Michael will provide invaluable management input to a Bobcats team that is poised to deliver results for the 2006-2007 season and beyond."
"Our joint venture will allow Michael to invest in private equity, hedge funds, financial services, real estate, film production, and other business interests that my holding company, The RLJ Companies, is pursuing," continued Johnson.
"I'm excited to join Bob, and invest alongside one of the most astute businessmen I know," said Michael Jordan. "I am also looking forward to providing my advice, where needed, to Bobcats' management in order to put the best possible team on the court."
About The RLJ Companies
The RLJ Companies ("RLJ"), founded by Robert L. Johnson, founder of Black Entertainment Television, owns or holds majority interests in a diverse portfolio of companies in the financial services/asset management, real estate, hospitality, professional sports, film production, gaming and recording industries. An innovative business network, The RLJ Companies seeks to target undiscovered or underserved markets, then exercise solid management and achieve exceptional results. RLJ is located in Bethesda, Maryland, and currently has operations in New York and San Francisco.
About Michael Jordan
An NBA legend, Jordan virtually rewrote the record book. He played 13 seasons for the Chicago Bulls, leading the league in scoring a record 10 times. His 30.1 points per game average is the highest in NBA history and, with 32,292 points, he ranks 3rd on the all-time scoring list. Jordan led the Chicago Bulls to 6 NBA Championship titles and was named NBA Finals MVP during each of those series. A 5-time regular season MVP, in 1991 and 1992, he became the only player to win back-to-back regular season and Finals MVP awards. Off the court, Michael Jordan has also proven to be a successful businessman. Since its creation, his Jordan Brand (a division of NIKE) has been an innovator of athletic shoes and apparel. The Jordan Brand has grown to become a market leader under Mr. Jordan's creative design input.
CONTACT: Lisa W. Pickrum, +1-301-280-7700, for Bob Johnson; or Estee Portnoy, +1-202-721-7209, for Michael Jordan.
Source: The RLJ Companies
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