Michael Jordan’s bid for Bobcats approved by NBA board
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The man who brought Kwame Brown into the league -- OK, maybe he’s known for a fewer greater accomplishments than that -- has been unanimously approved by the NBA Board of Governors to buy a controlling interest in the Charlotte Bobcats.
Michael Jordan -- who won six NBA titles as a player with the Chicago Bulls but didn’t have the same kind of luck as as part owner and president of basketball operations for the Washington Wizards -- purchased the Bobcats for $275 million.
NBA commissioner David Stern said in a statement Wednesday that he was pleased the purchase was ‘closed in such a smooth and expeditious fashion.’
Jordan, who has been part-owner of the team since 2006, is the sole investor in the ownership group but is expected to try to find local partners. He will be taking on more than $150 million in debt, covering future losses and capital to make improvements.
-- Chuck Schilken
