The NBA board of governors approved the sale of the Charlotte Bobcats to Michael Jordan, making the former Chicago Bull star the first ex-player to be a majority owner in the league.
The $275-million bid by the five-time NBA MVP was approved on Wednesday elevating the 47-year-old from a minority investor to a majority owner.
Jordan, who led North Carolina's college basketball team to an NCAA title in 1982, was fired from his management position with the Washington Wizards in 2003. He then took a minority stake in the Bobcats' franchise.
Wednesday's board approval gave Jordan the green light after he initially struck a provisional deal to buy the club last month.
Charlotte is in sixth place in the Eastern Conference with 34 wins and 32 losses.
Jordan declined to comment on Wednesday.
David Mikael Taclino
Inyu Web Development and Design
Creative Writer
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