Michael Jordan became the first former player to be a majority team owner in the NBA when his $275 million bid to buy the Charlotte Bobcats was unanimously approved by the league's Board of Governors on Wednesday.Jordan will take over the money-losing team immediately from Bob Johnson after serving as a minority investor with the final say on basketball decisions since 2006.
The 47-year-old Jordan, who will assume about $150 million in debt in the deal, becomes the second black majority owner of a major US pro sports team. He replaces the first in Johnson, who paid $300 million for the expansion team, but lost tens of millions annually and saw the value of the team decline as Charlotte fans struggled to warm to the NBA again after the Hornets left for New Orleans in 2002.
The Bobcats entered Wednesday's home game against Oklahoma City in sixth place in the Eastern Conference with an eye on their first playoff berth. Team officials hope a playoff appearance after Jordan took control would boost interest and ticket sales in the team, which plays in a 5-year-old downtown arena.Jordan, who has declined interview requests since striking a deal to buy the team on February 26, is scheduled to hold a news conference on Thursday.
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