Michael Jordan Bails Out a Billionaire?
(thedailybeast.com) — The nation’s first African-American billionaire, Robert Johnson, is enduring a cash crush so severe, reports Peter Lauria, that he had to hock his NBA franchise to Michael Jordan for a song.The sale underscores Johnson’s dire financial situation. Four sources with firsthand knowledge tell The Daily Beast that the 63-year-old founder of BET desperately needs cash. The Bobcats sale was precipitated by a need for liquidity to fund his other investment obligations and avoid becoming insolvent, according to business associates of Johnson’s and sources involved in the sale.
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