The National Basketball Association’s (NBA) Board of Governors has voted unanimously to approve the purchase by Michael Jordan of a majority interest in Bobcats Sports & Entertainment (BSE).
The investment gives Jordan a controlling interest in the companies that operate the NBA’s Charlotte Bobcats and Time Warner Cable Arena, located in uptown Charlotte. After a Hall of Fame career, Jordan is the first former player to become the majority owner of an NBA team.
“Purchasing the Bobcats is the culmination of my post-playing career goal of becoming the 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,” said Jordan. “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.”
Robert L. Johnson transfers control of the franchise to Jordan after a six-year tenure as the majority owner of the league’s 30th franchise. In addition to bringing the NBA back to Charlotte, Johnson oversaw the team’s move into the new uptown arena in 2005.
