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Former Houston Rockets President George Postolos has emerged as a potential bidder for the Charlotte Bobcats, the Observer has learned.
Sources say Postolos has inquired about the Bobcats' availability and recently visited Charlotte to tour Time Warner Cable Arena and discuss the team's finances. Postolos owns The Postolos Group, a Houston-based company that “actively seeks to acquire major league teams,” as described on its Web site.
Postolos declined to comment when reached by telephone Saturday.
The Observer reported last month that majority owner Bob Johnson is pursuing a buyer for some or all of his 70percent-plus interest in the Bobcats. Johnson has retained Galatioto Sports Partners, a New York-based firm, to field offers. Former NBA deputy commissioner Russ Granik is a top executive at that firm.
The only other known potential bidder is Michael Jordan, a minority partner with control of the Bobcats' basketball operations. Jordan confirmed during the draft Thursday night that he'd still like to assemble a group to buy the team. Sources say others have inquired but did not provide names of those interested.
Postolos doesn't appear to have the personal wealth to buy the Bobcats, but he would have the connections to assemble an investment group.
Before joining the Rockets in 1998, Postolos was special assistant to NBA Commissioner David Stern. In that role, he dealt with collective bargaining, TV rights and marketing issues.
Postolos caught the pro-basketball bug early, growing up in Texas; his father was friends with then-San Antonio Spurs owner Angelo Drossos, and Postolos worked in the Spurs' front office during summer vacations.
He attended Harvard, both undergrad and law school, and did some work for the NBA with a New York law firm. That's when he met current NBA deputy commissioner Adam Silver, who eventually hired Postolos.
Silver called Postolos “one of the smartest and most analytical people I've seen come into the league,” in a 2002 Sports Business Journal profile.
Postolos was a key figure in the Rockets obtaining public financing to build what became the Toyota Center. He also was involved with negotiations with the Chinese, allowing center Yao Ming to play for the Rockets.
Postolos was remembered this way in a 2006 Houston Chronicle story when he resigned to start his company:
“He's just really passionate about what he believes in,” said Sarah Joseph, Rockets director of community relations.
“George had a way of always bringing about a feeling of optimism. Getting that (arena) referendum passed, building relationships in the community, putting us in position where the leaders in the city wanted to make this happen, is a big part of George's legacy.”
