Jordan OK'd as Bobcats' owner

The NBA board of governors has unanimously approved Michael Jordan's bid to buy a controlling interest in the Charlotte Bobcats.

NBA commissioner David Stern said Wednesday he was pleased the $275-million US purchase was "closed in such a smooth and expeditious fashion."

Jordan, 47, will take on more than $150 million in debt in the transaction, covering future losses and supplying capital to make improvements.

The franchise is expected to lose about $30 million this season, with the team yet to make the playoffs since entering the league in 2004-05.

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

Jordan will become the first former player to own an NBA team and the second black majority owner. He'll replace the first, Bob Johnson, founder of Black Entertainment Television.

Johnson paid $300 million for the expansion franchise, 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.

Johnson won't completely end his relationship with the team. A spokeswoman for Johnson said he'll be a minority investor in Jordan's ownership group.

"The best decision I made since acquiring the Bobcats was to convince my friend Michael to become an investor in the Bobcats and to appoint him as managing member of basketball operations," Johnson said in a statement. "As the new majority owner of the Bobcats, his dedication will be stronger now more than ever."

Jordan grew up in Wilmington, N.C., and led North Carolina to an NCAA title with a last-second shot before starring with the Chicago Bulls where he was a six-time NBA champion and five-time league most valuable player.

Jordan briefly ran the Wizards basketball operations and returned as a player with Washington before being fired from his management role in 2003.

He has been part-owner of the Bobcats with final say in all basketball decisions since 2006.

The Bobcats (34-32) entered Wednesday's home game against Oklahoma City in sixth place in the Eastern Conference as they eye their first playoff berth. Team officials hope a playoff appearance after Jordan took control would boost interest and ticket sales in the franchise, which plays in a five-year-old downtown arena.

Jordan, who has declined interview requests since striking a deal to buy the team on Feb. 26, is scheduled to hold a news conference on Thursday night.