The NBA’s Board of Governors on March 17 unanimously approved six-time NBA champion Michael Jordan’s $275 million bid to buy the Charlotte Bobcats.

Effective immediately, Jordan will take over the team’s operations as the first former player to be a majority owner in the league. He was formerly a minority investor with the Bobcats, his home state team, and has had the final say on basketball decisions since 2006.

“Purchasing the Bobcats is the culmination of my post-playing career goal of becoming the majority owner of an NBA franchise,” Jordan said in a statement to the AP. “I am especially pleased to have the opportunity to build a winning team in my home state of North Carolina. I plan to make this franchise an organization that Charlotte can be proud of, and I am committed to doing all that I can to achieve this goal.”
?Although the six-year-old team expects to lose approximately $30 million this season because of slow ticket and sponsorship sales, Jordan, 47, hopes to turn those numbers around. He will assume about $150 million in debt in the deal and becomes the second Black majority owner of a major pro sports team, replacing former Bobcats owner Bob Johnson, who was the first and sold Jordan the team.

“The best decision I made since acquiring the Bobcats was to convince my friend Michael to become an investor in the Bobcats and to appoint him as managing member of basketball operations,” Johnson said in a statement. “As the new majority owner of the Bobcats, his dedication will be stronger now more than ever.”’