Jordan's $275-million offer for the franchise is unanimously approved.
The NBA's Board of Governors on Wednesday unanimously approved Michael Jordan's $275-million bid to buy the Charlotte Bobcats from Bob Johnson. Jordan will immediately take over after serving 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."
The six-time NBA champion and five-time league MVP will be trying to turn around the fortunes of the 6-year-old Bobcats, who are on pace to lose about $30 million this season because of sluggish ticket and sponsorship sales.
Jordan, 47, who will assume about $150 million in debt in the deal, becomes the second African American majority owner of a major pro sports team. Johnson, who paid $300 million for the expansion franchise, was the first.
A spokeswoman for Johnson said he will be a minority investor in Jordan's ownership group.
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