Jordan buys Bobcats

He’s considered by many to be the greatest basketball player of all time. Now less than six months after being enshrined in the Basketball Hall of Fame, Laney alum Michael Jordan has reached an agreement to buy the NBA’s Charlotte Bobcats.

The Bobcats released this statement early Saturday morning:

“Robert L. Johnson, the majority owner of Bobcats Sports and Entertainment today announced that he has signed a definitive agreement to sell majority interest of Bobcats Sports and Entertainment to Michael Jordan and MJ Basketball Holdings, LLC. The deal is subject to NBA approval. Further details of the sale will be provided by the NBA.”

Jordan reportedly finalized the deal with Johnson, the NBA’s first black majority team owner, minutes before an exclusive negotiating window was to close Friday night. It is unknown yet how much Jordan will pay for the team. Johnson paid $300 million for the expansion franchise that started play in 2004-2005 after the Hornets left for New Orleans in 2002. Since the Bobcats started play, the team has lost millions of dollars for Johnson, the founder of Black Entertainment Television.

In 2006 Jordan became the second largest shareholder of the Bobcats and head of basketball operations for the team, which used to hold preseason training camp at UNCW.

Jordan won six world championships and five NBA MVP awards as a member of the Chicago Bulls. Jordan also hit the game-winning shot in the NCAA title game as a freshman for UNC in 1982.