Feeling buzzed: the Charlotte Hornets attracted a swarm of new attention, even as the team lost some sting.

• Author: Overman, Ogi
• Position: Statewide: BUSINESS NEWS FROM ACROSS NORTH CAROLINA

When Michael Jordan bought majority ownership of the Charlotte Bobcats in March 2010, the prevailing sentiment was that he couldn't mess things up more than previous owner Bob Johnson. The following year, after the Bobcats went 7-59--the fewest wins in NBA history, provided one doesn't count the 1948 Providence Steam Rollers, who won six--some wondered if maybe Johnson wasn't so bad after all. Five years later, the team has recovered both on and off the court, rebranding itself as the Hornets, winning 76 games in the last two years and earning a slot as one of six finalists for the Sports Business Journal's best U.S. professional sports franchises in 2015. Forbes magazine estimates the Hornets are worth $725 million, or about 2.6 times the value in 2010, buoyed by more television-rights revenue and an improved business operation.

From the start, Jordan, the Wilmington native and UNC Chapel Hill star who won six NBA championships with the Chicago Bulls, knew his celebrity and wealth could not immediately fix all that ailed the Bobcats. It had been broken before former owner George Shinn moved Charlotte's team to New Orleans in 2002 amid various personal scandals. Long gone were the glory days, 1988 through 1996, when Charlotte led the league in attendance. By 2002, home games attracted a league-worst 11,312 per game.

Johnson, co-founder of Black Entertainment Television Network, brought renewed hope to the Queen City when he led a group investing $300 million in a new franchise in 2004. Jordan joined as a minority investor in 2006. The optimism fizzled as the Bobcats failed to make the playoffs in five of the next six years. By the time Johnson put the company on the sales block, he had absorbed $80 million of losses, according to The New York Times. At least $100 million of the proceeds of Johnson's sale went to pay off debt.

In his first year, Jordan could have ignored NBA restrictions on payroll expenses, paid the so-called luxury tax for excessive spending, and recruited a few highly paid stars to Charlotte. That's been the strategy of some NBA owners looking for a quick turnaround. Jordan opted to patiently build the team through lottery and draft picks and trade for players with relatively modest contracts. The strategy didn't pay off in 2011--the 7-59 debacle in a lockout-shortened season--but it appears to be working now, with the franchise's fortunes clearly on the upswing.

Four factors contributed to renewed financial stability...