Michael Jordan now owns Bobcats

The NBA Board of Governors has unanimously approved the acquisition by Michael Jordan of a controlling interest in the 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 and closed in such a smooth and expeditious fashion,” said NBA Commissioner David Stern. “We look forward to the continued growth of the Bobcats, on and off the court, under his leadership.”

According to the Associated Press, “The NBA’s Board of Governors on Wednesday unanimously approved Jordan’s $275 million bid to buy the Charlotte Bobcats from Bob Johnson. Jordan will take over the team immediately after serving as a minority investor with the final say on basketball decisions since 2006.”

It’s been reported that Jordan will continue to seek investors to join his ownership group, which would serve to take economic pressure off of him.

It’ll be interesting to see if the Bobcats change team names, though it’s likely they remain the same.

It also remains to be seen how visible an owner Jordan will be.

On the one hand, he’s a winner who tends to want to be associated with things that succeed. If the team isn’t playing well, will he want to sit courtside while they lose? Or will he disappear?

But, Jordan is also the ultimate competitor. If he treats his ownership the way he treated basketball games he played in, he won’t back down and will take no prisoners. However, that’s easier said than done from an ownership position.

His ownership is definitely a positive development for both the team and league. The more legendary players associated with NBA teams, the better.

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