Report: Michael Jordan Out $12.6 Million in Gambling Losses Thanks to Charlotte Bobcats’ Surprising 7-7 Start

Report: Michael Jordan Out 126 Million in Gambling Losses Thanks to Charlotte Bobcats Surprising 77 Start – Image 1
Charlotte Bobcats owner Michael Jordan reportedly has lost more than $12 million since the start of the regular season thanks to betting heavily against his surprising 7-7 team in each of their 14 games. The Bobcats went just 7-59 a year ago, but have been able to match their win total of last season in just the first few weeks of November.

"Michael is really pissed off," said a Bobcats front office source. "Something really bad has to happen for him to show up at the office because he takes a … I'll say a 'hands-off' approach to management. But he's been here all week demanding answers about why this team is winning games."

Jordan came to the team's office for the first time all season last week after the Bobcats went on a tear in which they won five of six to get to 6-4 — a streak that saw their owner lose nearly $10 million and put off the purchase of a Ferrari. Since an office tirade and a closed-door meeting with this team, the Bobcats have lost three of four — including a 45-point loss to Oklahoma City in which they trailed 82-29 at one point. The only victory came in overtime against the Wizards, a game the Bobcats tried desperately to lose for their owner, only to be out-failed by Washington. The return to normalcy has seen Jordan make back some money, allowing him to finalize the purchase of a new Ferrari with a custom denim paint job.

"Michael's big thing is that he will not accept mediocrity," said a team source. "Mainly because it is impossible to make money betting on a mediocre team. He wants us to either win all of our games or lose all of our games. Nothing in the middle."

Jordan says Charlotte's tougher December schedule — with games against the Knicks, Spurs, Warriors Clippers, Hawks, Lakers, Nuggets, Heat, Nets and Bulls — will be "make or break" for his team.

"They're going to be huge underdogs and I'm going to have some significant money on the line just to win a small amount on the opponent winning," said Jordan. "If they pull even two or three upsets, I don't see me getting myself new hoop earrings for Christmas. This is serious. I've had my eye on this particular pair of 8-karat diamond hoop earrings since 1994."