THE NBA APPROVES MICHAEL JORDAN'S PURCHASE OF THE CHARLOTTE BOBCATS.
The man who grew up in Wilmington, N.C., and became a basketball star at the University of North Carolina will now try to turn around the state's money-losing NBA franchise by becoming the first ex-player to become majority owner of an NBA team.
The NBA's Board of Governors unanimously approved Jordan's $275 million bid to buy the Charlotte Bobcats from Bob Johnson. Jordan will take over the team immediately after serving as a minority investor where he has had the final say on basketball decisions since ‘06. Jordan will assume about $150 million in debt in the deal as the Bobcats, who are on pace to lose about $30 million this season because of sluggish ticket and sponsorship sales. Jordan will also become the second black majority owner of a major pro sports team.
"Purchasing the Bobcats is the culmination of my post-playing career goal of becoming the majority owner of an NBA franchise," Jordan said in a statement. "I am especially pleased to have the opportunity to build a winning team in my home state of North Carolina. I plan to make this franchise an organization that Charlotte can be proud of, and I am committed to doing all that I can to achieve this goal."
"We are pleased that Michael Jordan's purchase of majority ownership of the Bobcats was approved by the NBA's Board of Governors and closed in such a smooth and expeditious fashion," Stern said. "We look forward to the continued growth of the Bobcats, on and off the court, under his leadership."