USA - NBA approves Jordan's takeover of Bobcats

CHARLOTTE (NBA) - The NBA's Board of Governors unanimously approved Michael Jordan's $275 million bid to purchase the Charlotte Bobcats on Wednesday evening.

Jordan will acquire the franchise from Robert L Johnson, who paid $300 million for the then expansion team in 2003.

"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 organisation that Charlotte can be proud of and I am committed to doing all that I can to achieve this goal."

In taking over the Bobcats, Jordan becomes the second African-American to own a controlling interest of a major sports team. Ironically enough, the first was none other than Johnson himself, who is the founder of American network Black Entertainment Television (BET).

Jordan has been tied to the Bobcats since 2006, when he bought a minority stake in the team and, as part of the deal, joined the front office by becoming the head of basketball operations.

NBA commissioner David Stern was pleased to hear that Jordan's takeover went without a hitch.

"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," he said.

"We look forward to the continued growth of the Bobcats, on and off the court, under his leadership."

The Bobcats started out in the 2004-05 season and are currently in the hunt for their first playoff appearance.

Their current record of 35-32 following a 100-92 win over the Oklahoma City Thunder on Wednesday has them in sixth place in the Eastern Conference.

FIBA