If Michael Jordan is the answer for an NBA rebound in Charlotte, the first thing he must do is answer a lot of looming questions.

Jordan, who pulled off a surprise last-minute bid last weekend to buy the Bobcats from Bob Johnson, steps into an organization facing tens of millions of dollars in annual losses and struggling to build a strong rapport with fans. Estimates of the sale price range from a reported $240 million in the Wall Street Journal to the NBA’s estimate of $275 million to $290 million to a low of $175 million reported by Forbes this week. Exactly how much Jordan himself is investing and how many other partners he might bring in remain, yes, unanswered. The Forbes report claims the equity investment is $25 million, with the other $150 million an assumption of debt.

Before details of the transaction and the immediate direction of the franchise are revealed, industry experts say the biggest question of all is how Jordan will handle his new role as the principal owner.

“I don’t think it’s been resolved with anyone whether this was a spur-of-the-moment, impulsive decision or whether Michael is ready to spend more time in Charlotte working on marketing and taking meetings with prospective sponsors,” says Marc Ganis, principal at Chicago-based SportsCorp. “There is no substitute for the owner. If the owner is not personally committed, it will show in all aspects of the franchise, including financially.”

Jordan became a minority owner and the managing member of basketball operations with the Bobcats in 2006. He urged Johnson to install longtime friend and business partner Fred Whitfield as the franchise’s president, and he played a key role in the hiring of head coach Larry Brown. In other areas, though, Jordan has been reluctant to use his influence and celebrity, citing other commitments and far-flung business interests.

With NBA owners set to vote as early as Monday on Jordan’s purchase of the team, minority investors in the Bobcats and others in Charlotte say they are bullish on the Hall of Fame player’s ability to transform himself into a first-rate owner. The Air apparent, they say, represents a rare second chance for the Bobcats to make a first impression.

Because of the significant financial commitment buying a franchise requires—even if Jordan adds a number of investors later on, as expected—the hope among many is that the retired NBA star will be motivated to make the Bobcats his first priority.

Dallas Mavericks owner Mark Cuban said this week that Jordan has been involved in the front office long enough that his management role isn’t likely to change. That is, “until he has to dig in and write a check. That always changes things.”

Says Max Muhleman, principal at Private Sports Consulting: “Michael has been very conservative in his investments in the past. He’s sticking his neck out with this one. Owning a pro sports team is unlike any other business anyone, even Michael, will ever be involved in.”

Jordan and the Bobcats have yet to offer any details on what new ownership might mean. Jordan has not spoken publicly since the acquisition was announced, and a Bobcats spokesman says many aspects of the agreement must be completed before any potential changes are discussed. Johnson, through a spokeswoman at his RLJ Companies, defers comment to the NBA and the Bobcats.

The Bobcats’ operating losses have exceeded $30 million in recent seasons. Before the 2009-10 season began, internal projections anticipated similar losses over the next three years.