Wednesday, March 17th, 2010 at 3:25 pm
Michael Jordan has just finished his purchase of the Charlotte Bobcats, making him the first former NBA player to ever become the majority owner of an NBA franchise. Jordan has been a minority partner and the president of basketball operations for the Bobcats since 2006, when friend and now former owner Bob Johnson purchased the team. Johnson was the first ever African-American owner of an NBA franchise, and now Jordan replaces him as the second. Jordan purchased the team for $275 Million, which includes $150 Million of debt that he will wipe clean from the previous owner. Jordan, a North Carolina native hero, is hoping to re-invigorate Charlotte, who have shown a lukewarm response to their new Bobcats after losing the Hornets to New Orleans 8 years ago. The team is set to lose $30 Million this year, based on poor revenue from ticket and advertising sales, but are thinking the solidification of Jordan as the full-time owner, on top of the Bobcats probable first ever trip to the playoffs this year, will help ease that pain and turn the Bobcats into a money-making venture.