Search
Michael Jordan Bobcats 4 1
Michael Jordan Bobcats 3 1
Michael Jordan Bobcats 1 1
Michael Jordan Bobcats 2 1
news

Jordan Becomes Bobcats Owner

Date: March 18 2010

By: Sneaker Freaker

ADVERTISEMENT

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."

Click here to read more.

  • Tags:

Log In

Forgot username or password

Create Profile

Forgot Password

Newsletter Sign-Up

Welcome to the Sneaker Freaker family! Just enter your details below and we’ll keep you up to date via our newsletter with all our exclusive news and special offers.

Thankyou!

Your submission will be reviewed and you will receive an e-mail soon regarding approval.