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Jordan purchase of Bobcats approved

Updated: March 17, 2010, 11:13 PM ET
Associated Press

CHARLOTTE, N.C. -- Michael Jordan became a basketball star at North Carolina. Now he'll try to turn around the state's money-losing NBA team by becoming the first ex-player to be a majority owner in the league.

The NBA's Board of Governors on Wednesday unanimously approved Jordan's $275 million bid to buy the Charlotte Bobcats from Bob Johnson. Jordan will take over the team immediately after serving as a minority investor with the final say on basketball decisions since 2006.

"Purchasing ...

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