Partners in the Charlotte Bobcats have been told to expect about $35 million in cash losses over the next two years, the Charlotte Observer is reporting today, citing unnamed sources.
According to Observer reporter Rick Bonnell, who covers the team, majority owner Bob Johnson recently asked for about $28 million in a cash call from his partners, and was generally turned down.
A team spokesman, when contacted by the Observer, declined to comment.
The Bobcats have been leaking money for much of the team’s five-season history. Johnson became a billionaire as founder of Black Entertainment Television and paid about $330 million for the expansion franchise.
The team ends its season tonight in Orlando — just shy of the playoffs — with a current record of 35-46.
Read the full story at Charlotteobserver.com.