Posted: Wednesday, 17 March 2010 2:18PM

Jordan Approved As Owner Of Charlotte Bobcats

NEW YORK (Reuters) - Michael Jordan was unanimously approved as controlling owner of the Charlotte Bobcats team by the NBA on Wednesday.

"We are pleased that Michael Jordan's purchase of majority ownership of the Bobcats was approved by the NBA's Board of Governors and closed in such a smooth and expeditious fashion," NBA Commissioner David Stern said in a statement.

"We look forward to the continued growth of the Bobcats, on and off the court, under his leadership."

Jordan, who organized a group of investors to pull off the deal under MJ Basketball Holdings, became the first former player to become principal owner of an NBA team.

Known as "Air Jordan" in his playing days, he led the Chicago Bulls to six NBA championships and was five-times named the league's Most Valuable Player.

Hall of Famer Jordan was already an investor and head of basketball operations for the Bobcats team, which was previously owned by Bob Johnson who became the first African-American to own an NBA club when he bought the team in 2003.

Terms of the Jordan deal were not disclosed.

The club, which last year posted a 35-47 record and this season stands sixth in the Eastern Conference at 34-32, was purchased by Johnson for a reported $300 million.

The Charlotte Observer newspaper said it took at least $250 million for Jordan's group to buy the team, which has been losing money in recent years.

Under NBA rules, it takes 15 percent of a purchase price to claim controlling interest putting Jordan's stake at an estimated minimum of $37.5 million.