NewsApp (Free)

Read news as it happens
Download NewsApp

Available on  

Rediff News  All News  » Sports » Jordan agrees to purchase Charlotte Bobcats

Jordan agrees to purchase Charlotte Bobcats

Last updated on: February 27, 2010 20:25 IST

Michael JordanHall of Famer Michael Jordan has agreed to buy a controlling interest in the NBA's Charlotte Bobcats, majority owner Bob Johnson said on Saturday.

"He (Johnson) has signed a definitive agreement to sell the majority interest of Bobcats Sports and Entertainment to Michael Jordan and MJ Basketball Holdings LLC," a statement said.

Jordan was already an investor and the head of basketball operations for the team, which has lost tens of millions since Johnson was granted the expansion franchise in 2003, The Charlotte Observer reported on its website.

The former NBA star, who led the Chicago Bulls to six league championships, was not available for comment.

Johnson said further details would come from the NBA. Owners of the NBA's 29 other franchises must approve the sale.

© Copyright 2013 Reuters Limited. All rights reserved. Republication or redistribution of Reuters content, including by framing or similar means, is expressly prohibited without the prior written consent of Reuters. Reuters shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.