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Michael Jordan reaches deal to buy Charlotte Bobcats
Owner Bob Johnson announced in a statement that he's agreed to sell the Bobcats to Jordan, who been a part-owner of since 2006. Jordan has been running the team's basketball operations.
The purchase price and details of Jordan's ownership group - called MJ Basketball Holdings LLC - weren't immediately available,[link widoczny dla zalogowanych]. A spokeswoman for Johnson and a spokesman for Jordan said neither man was available for comment early Saturday.
Jordan was in competition with former Houston Rockets executive George Postolos,[link widoczny dla zalogowanych], who also had an ownership group together to buy the team. But Postolos said Jordan had the exclusive right to buy the club until just before midnight Friday night.
Jordan hit another last-second shot - reaching a deal minutes before the deadline,[link widoczny dla zalogowanych].
``I remain committed to becoming an NBA owner, and I'm glad that Michael will continue to bring his talent to the sport and the league,[link widoczny dla zalogowanych],'' Postolos said in a phone interview with The Associated Press. ``He's very, very committed.''
It will end Johnson's stint as the first black majority owner of a major professional sports team. Jordan becomes another black owner in another milestone for the Hall of Famer, but one that comes with many challenges.
Jordan,[link widoczny dla zalogowanych], a five-time NBA MVP and 14-time All-Star, has made millions lending his name to sneakers, apparel and other items. Now he'll begin a completely different role,[link widoczny dla zalogowanych], trying to make the Bobcats a winner,[link widoczny dla zalogowanych], and the franchise and Charlotte's downtown arena profitable.
After paying $300 million for the expansion team that began play in 2004-05, Johnson has accumulated about $150 million in debt and the team is expected to lose tens of millions this season as they struggle to draw fans and find sponsorships.
Johnson,[link widoczny dla zalogowanych], the founder of Black Entertainment Television, shook up management several times before recruiting Jordan to be a minority investor while giving him the final say on all basketball decisions.
Jordan,[link widoczny dla zalogowanych], who turned 47 this month,[link widoczny dla zalogowanych], has had a unique role with the Bobcats. General manager Rod Higgins runs the day-to-day basketball operations and Jordan has rarely attended practices or games,[link widoczny dla zalogowanych], or worked on the marketing side of the operation.
Jordan has had some missteps - drafting the disappointing Adam Morrison No,[link widoczny dla zalogowanych]. 3 overall in 2006 - but he was also able to lure Hall of Famer Larry Brown to become coach at the beginning of last season,[link widoczny dla zalogowanych].
Jordan and Brown have made seven trades involving 21 players since the start of last season. The November acquisition of Stephen Jackson from Golden State has helped Charlotte get into playoff contention in the Eastern Conference,[link widoczny dla zalogowanych].
But attendance has still lagged, and Jordan has been criticized in Charlotte for rarely being seen - despite his iconic status in the state.
Jordan's first stint as an NBA executive came with the Washington Wizards,[link widoczny dla zalogowanych], where he was roundly criticized for drafting Kwame Brown with the No. 1 overall pick in the 2001 draft.
He changed roles when he returned briefly as a player, then was fired by owner Abe Pollin in 2003 when he tried to return to his role running the basketball operations.
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