Michael Jordan Becomes First Ex-Player To Be Majority Owner of NBA Team

NBA Hall of Famer Michael Jordan is trying to become the first ex-player to be a majority owner in the league. The team he is gunning for is the Charlotte Bobcats.

Ironically, he was a college basketball star at North Carolina, and now he's gonna own the state's team.

Just the week, the NBA's Board of Governors unanimously approved Jordan's $275 million bid to buy the Charlotte Bobcats from Bob Johnson.

Now, Jordan will 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," Jordan continued.

Jordan was a genius on the court, but will he be in business? In the Bobcats' six-year history, they've yet to reach the playoffs, although they were close in 2008. According the Associated Press, the organization is on pace to lose about $30 million this season because of slow ticket and sponsorship sales.

Jordan will assume $150 million of the debt in the deal, and becomes the second black majority owner of a major pro sports team. The first ex-player though. The team's previous owner was BET founder Bob Johnson, who paid $300 million for the expansion franchise. However, it wasn't a profitable investment and saw loses every year since.

Johnson will reportedly hold a minor stake in the team still though. He says Jordan taking over is the best thing for the Bobcats.

The team is currently holding in sixth place in the league Eastern Conference this season with a record of 35-32. Their roster boasts NBA All-Star Gerald Wallace, Stephan Jackson, Tyson Chandler, Boris Diaw and Raymond Felton among others.

Jordan is set to hold a press conference about the purchase on Thursday evening.

via BallerStatus