Michael Jordan Wins Again

Michael Jordan has won NBA approval on his Charlotte Bobcats buy.

Image: Reuters/Chris Keane/Landov

The National Basketball Association has unanimously approved Michael Jordan’s acquisition of a controlling interest in the Charlotte Bobcats.

"Purchasing the Bobcats is the culmination of my post-playing career goal of becoming the majority owner of an NBA franchise," Jordan says. "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."

The purchase price has not been released.

Jordan steps into an organization facing tens of millions of dollars in annual losses and struggling to build a strong rapport with fans. He filed a surprise bid for the team February 27 and faces questions about how he will save the struggling franchise.

Estimates of the price tag range from the NBA’s estimate of $275 million to $290 million to a low of $175 million reported by Forbes early in March. The Wall Street Journal puts the price at $240 million. How much of the cost Jordan is putting up and how much other partners will invest is not known. The Forbes report claims an equity investment of $25 million, with the balance an assumption of debt.

Jordan became a minority owner and manager of basketball operations at the Bobcats in 2006. He urged owner Bob 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 to help the team, citing other commitments and far-flung business interests.