Jordan becomes owner of Charlotte Bobcats

"We are pleased that Michael Jordan's purchase of majority ownership of the Bobcats was approved by the NBA's Board of Governors & closed in such a smooth & expeditious fashion," NBA Commissioner David Stern said in a statement.

NEW YORK (Reuters) - Michael Jordan became the first former NBA player to be the majority owner of a team when they was unanimously approved to take over the Charlotte Bobcats by the league on Wednesday.

Jordan organized a group of investors to pull off the deal under MJ Basketball Holdings.

"We look forward to the continued growth of the Bobcats, on & off the court, under his leadership."

"Purchasing the Bobcats is the culmination of my post-playing career objective of becoming the majority owner of an NBA franchise," Jordan said in a statement on the team's web-site (nba.com/bobcats).

Known as "Air Jordan" in his playing days, they led the Chicago Bulls to five NBA championships & was five-times named the league's Most Valuable Player.

PREVIOUSLY OWNED

"I am pleased to have the chance to build a winning team in my home state of North Carolina," they added. "I plan to make this franchise an organization that Charlotte can be proud of, & I am committed to doing all that I can to accomplish this objective."

"As the new majority owner of the Bobcats, his dedication will be stronger now over ever. Today's announcement is great news for the Bobcats, the city of Charlotte, the fans & the NBA."

"The best decision I made since acquiring the Bobcats was to convince my mate Michael to become an investor in the Bobcats & to appoint him as managing member of basketball operations," Johnson said in a statement.

The club, which last year posted a 35-47 record & this season stands sixth in the Eastern Conference at 34-32, was purchased by Johnson for a reported $300 million.

Terms of the Jordan deal were not disclosed.

Under NBA rules, it takes 15 percent of a purchase price to claim controlling interest, putting Jordan's stake at an estimated maximum of $37.5 million.

The Charlotte Observer newspaper said it took at least $250 million for Jordan's group to buy the team, which has been losing money in recent years.