Michael Jordan buys NBA’s Bobcats
Michael Jordan has struck a deal to buy a majority share of the Charlotte Bobcats, putting him in charge of the financially strapped team in his home state of North Carolina.
The five-time MVP, who was already a minority owner of the team, beat out former Houston Rockets executive George Postolos, who also had an ownership group together to buy the Bobcats. However, Postolos said the ex-Chicago Bulls superstar had the exclusive right to buy the club until just before midnight Friday night.
Details on the purchase price were not immediately available, and according to the Charlotte Observer, the deal is subject to NBA approval.
Jordan, 47, will be the second black majority owner of a major professional sports team.