City Attorney Mac McCarley sent these answers to commonly asked questions about the city's involvement in the arena:
Q: How long is the agreement with the Bobcats?
A: Through the end of the 2029-2030 NBA season.
Q: What happens if they’re sold?
A: The new owners would be subject to all the same restrictions and guarantees.
Q: Can the team leave?
A: No. The city may seek an injunction to force the team to honor the commitment to play here, or can enforce liquidated damages of $200,000,000 in the first 5 years (2005-2010), $150,000,000 in years 5 – 10, and a declining balance going from $85,000,000 in year 11 down to $7,000,000 in year 25.
Q: What protects the city from the team leaving?
A: The liquidated damage provisions are guaranteed by the team and by Bob Johnson personally.
An Observer story Friday said Bobcats owner Bob Johnson is looking to sell the team.
The city agreed in 2002 to build the $265 million arena where the Bobcats play. Part of the deal was that the NBA team would operate the facility and keep most of the revenue from it.
Click here to read the city's final arena agreement.
- Julia Oliver