By Mark Memmott
The arguably greatest basketball player in National Basketball Association history is now going to be the first former player to be the majority owner of a team.
"We are pleased that Michael Jordan's purchase of majority ownership of the (Charlotte) Bobcats was approved by the NBA's Board of Governors and closed in such a smooth and expeditious fashion," NBA Commissioner David Stern announced today. "We look forward to the continued growth of the Bobcats, on and off the court, under his leadership."
The Charlotte Observer says "the investment gives Jordan a controlling interest in the companies that operate the Bobcats and Time Warner Cable Arena, located in uptown Charlotte."
Jordan and his partners are paying about $275 million in a deal that includes taking on more than $150 million in debt, the Associated Press reports.