Skip navigation
Site powered by
Latest news:
msnbc.com: Top msnbc.com headlines: Singing superstar Whitney Houston dies at 48

Jordan reaches deal to buy Bobcats

NBA great has been part-owner of home-state team since 2006

Slideshow
Michael Jordan Bulls
  Through the years
Take a look at the most memorable moments in Michael Jordan's storied basketball career.

more photos

CHARLOTTE, N.C. - He has been called the NBA’s greatest player and one of the country’s top pitchmen.

Now Michael Jordan is ready for a new title: NBA owner.

With minutes to go until his exclusive negotiating window was to expire, Jordan struck a deal late Friday night to buy controlling interest of the Charlotte Bobcats, putting the six-time NBA champion in charge of the money-losing team in his home state.

Owner Bob Johnson announced in a statement that he’s agreed to sell the Bobcats to Jordan, who been a part-owner of since 2006. Jordan has been running the team’s basketball operations.

The purchase price and details of Jordan’s ownership group — called MJ Basketball Holdings LLC — weren’t immediately available. A spokeswoman for Johnson and a spokesman for Jordan said neither man was available for comment early Saturday.

The league’s owners must still approve the purchase.

Jordan was in competition with former Houston Rockets executive George Postolos, who also had an ownership group together to buy the team. But Postolos said Jordan had the exclusive right to buy the club until just before midnight Friday night.

Jordan hit another last-second shot — reaching a deal minutes before the deadline.

“I remain committed to becoming an NBA owner, and I’m glad that Michael will continue to bring his talent to the sport and the league,” Postolos said in a phone interview with The Associated Press. “He’s very, very committed.”

It will end Johnson’s stint as the first black majority owner of a major professional sports team. Jordan becomes another black owner in another milestone for the Hall of Famer, but one that comes with many challenges.

Jordan, a five-time NBA MVP and 14-time All-Star, has made millions lending his name to sneakers, apparel and other items. Now he’ll begin a completely different role, trying to make the Bobcats a winner, and the franchise and Charlotte’s downtown arena profitable.

After paying $300 million for the expansion team that began play in 2004-05, Johnson has accumulated about $150 million in debt and the team is expected to lose tens of millions this season as they struggle to draw fans and find sponsorships.

Johnson, the founder of Black Entertainment Television, shook up management several times before recruiting Jordan to be a minority investor while giving him the final say on all basketball decisions.

Special feature
Image: Kevin Durant
Fan ranker: Who will be MVP of the NBA?
Visit each week during the regular season to rank the candidates.

NBCSports.com

Jordan, who turned 47 this month, has had a unique role with the Bobcats. General manager Rod Higgins runs the day-to-day basketball operations and Jordan has rarely attended practices or games, or worked on the marketing side of the operation.

Jordan has had some missteps — drafting the disappointing Adam Morrison No. 3 overall in 2006 — but he was also able to lure Hall of Famer Larry Brown to become coach at the beginning of last season.

Jordan and Brown have made seven trades involving 21 players since the start of last season. The November acquisition of Stephen Jackson from Golden State has helped Charlotte get into playoff contention in the Eastern Conference.

But attendance has still lagged, and Jordan has been criticized in Charlotte for rarely being seen — despite his iconic status in the state.

Jordan grew up in Wilmington, N.C., led North Carolina to the 1982 national championship with a last-second shot, then remained one of the state’s favorite sons when he starred with the Bulls.

Jordan’s first stint as an NBA executive came with the Washington Wizards, where he was roundly criticized for drafting Kwame Brown with the No. 1 overall pick in the 2001 draft.

He changed roles when he returned briefly as a player, then was fired by owner Abe Pollin in 2003 when he tried to return to his role running the basketball operations.

No one will be able to fire Jordan after he takes control of the Bobcats, and it’s likely the team will not change much in the front office.

Jordan’s close friend, Fred Whitfield, is team president, and Higgins was Jordan’s hire.

© 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

advertisement
More news
Image: Jeremy Lin, Tyson Chandler, Ricky Rubio
AP
Knicks are Lin-vincible

Jeremy Lin hit a free throw with 4.9 seconds left to overcome a dreadful second half and lift the New York Knicks to their fifth straight victory, 100-98, over the Minnesota Timberwolves on Saturday night.

  ProBasketballTalk tweets

  1. Loading the latest posts…

Source: Twitter. For more, follow @basketballtalk.

Video: NBA from NBC Sports
Lin on on 'Linsanity'
Knicks guard Jeremy Lin discusses the hype surrounding his recent rise in New York.

Slideshow
Washington Wizards v Charlotte Bobcats
  Get your cheer on
Check out some of the dancers from the NBA.

more photos

  Ask the NBA expert: Ira Winderman

Do you have a burning NBA question? Submit it now, and then check back for our reader mailbag.

Special feature
Image: LeBron James
Who will be MVP?
Interactive: Rank each player on a scale of 0 to 10 (10 = best player, 0 = barely worthy of consideration).

NBCSports.com

Slideshow
Image: Blake Griffin
  NBA All-Star starters
A look at the starting lineups for the East and West teams.

more photos