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Friday, March 19, 2010

Jordan confirmed as new owner of Bobcats

CHARLOTTE, N.C. (AP) Michael Jordan became a basketball star at North Carolina. Now he'll try to turn around the state's money-losing NBA team by becoming the first ex-player to be a majority owner in the league.

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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 immediately take over the team after functioning as a minority investor with the final say on basketball decisions since 2006.

"Purchasing the Bobcats is the culmination of my post-playing career goal of becoming the majority owner of an NBA franchise," Jordan said in a statement. "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."

The six-time NBA champion and five-time league MVP will be charged with turning around the fortunes of the 6-year-old Bobcats, who are on pace to lose about $30 million this season because of sluggish ticket and sponsorship sales.

Jordan becomes the second black majority owner of a major pro sports team.



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