Michael Jordan, arguably the greatest player in basketball history, has reached a deal to buy an NBA franchise.
Mr. Jordan has agreed to buy a majority interest of the Charlotte Bobcats from Robert L.Johnson, the team’s majority owner, according to a statement released by Mr. Johnson Saturday. The deal is subject to league approval.
Terms of the deal weren’t disclosed, but the sale price is based on a franchise value of less than $300 million–“in the mid-to-high twos,” said a source familiar with the matter.
