Jordan Rules

Whether you love or hate Michael Jordan, its no denying his greatness. And its good to see he has added great businesman to his resume. Many may say that his stint with the Wizards and now with the Bobcats have been suspect at best as an executive but for any ex-player to go from the basement to the penthouse deserves props. Here’s to Michael Jordan…the first black ex-NBA player to own the majority of a team. Props from DLR.

NEW YORK (AP) — The NBA Board of Governors has unanimously approved Michael Jordan‘s bid to buy a controlling interest in the Charlotte Bobcats.

NBA commissioner David Stern said in a statement Wednesday that he was pleased the $275 million purchase was “closed in such a smooth and expeditious fashion.”

Jordan is the sole investor in the ownership group, but he’s expected to try to find local partners. The deal includes taking on more than $150 million in debt, covering future losses and putting forward capital to make improvements.

The franchise is expected to lose about $30 million this season.

Jordan has said he would not comment until he is approved as an owner. He had been part-owner of the Bobcats with final say in all basketball decisions since 2006.