The NBA's Board of Governors on Wednesday unanimously approved Jordan's $275 million bid to buy the Charlotte Bobcats from Bob Johnson. Jordan will immediately take over the team after functioning as a minority investor with the final say on basketball decisions since 2006.
"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.
Commissioner David Stern predicted last week the deal would be easily approved by the league's owners. Stern said last week that background and financial checks on Jordan produced nothing that would stop the deal, and expressed optimism Jordan's iconic status in this area will boost the franchise.The Bobcats (35-32) won their first game with Jordan in charge. Sitting courtside near the Charlotte bench on Wednesday night, Jordan watched the Bobcats rally to beat Oklahoma City 100-92 to maintain their hold on sixth place in the Eastern Conference. Team officials hope a playoff appearance after Jordan takes control will boost interest in the franchise, which plays in a 5-year-old downtown arena.
"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."
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