Takes majority ownership
The NBA approves Jordan’s bid of $275 million to buy the Bobcats from majority owner Johnson. Jordan will assume about $150 million in debt in the deal. He becomes the second black majority owner of a major pro sports team.
Purchasing the Bobcats is the culmination of my post-playing career goal of becoming a majority owner of an NBA franchise. I am especially pleased to have the opportunity to build a winning team in my home state of North Carolina..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.
Johnson:
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. As the new majority owner of the Bobcats, his dedication will be stronger now more than ever.