MICHAEL Jordan was unanimously approved as controlling owner of the Charlotte Bobcats team by the NBA Board of Governors. Jordan, who organised a group of investors to pull off the deal under MJ Basketball Holdings, became the first former player to become principal owner of an NBA team.
Known as ‘Air Jordan’ in his playing days, he led the Chicago Bulls to six NBA championships and was five times named the league’s Most Valuable Player.
Hall of Famer Jordan was already an investor and head of basketball operations for the Bobcats team, which was previously owned by Bob Johnson who became the first African-American to own an NBA club when he bought the team in 2003.
Terms of the Jordan deal were not disclosed. The club, which last year posted a 35-47 record and this season stands sixth in the Eastern Conference at 34-32, was purchased by Johnson for a reported £195 million.
The Charlotte Observer newspaper said it took at least £163M for Jordan’s group to buy the team, which has been losing money in recent years.
Under NBA rules, it takes 15 per cent of a purchase price to claim controlling interest putting Jordan’s stake at an estimated minimum of £24.4M. (Reuters)