The NBA has signed off on Michael Jordan's bid to buy the Charlotte Bobcats, and commissioner David Stern expects the league's board of governors to approve the $275 million purchase by the end of next week.
In an interview with The Associated Press on Friday, Stern said he expects the vote to pass "very easily." Jordan will become the first ex-player to own an NBA team and the second black majority owner. He'll replace the first, Bob Johnson, who has lost tens of millions of dollars annually since he was granted an expansion franchise in 2004.
"He considers himself a North Carolina native and he's quite anxious to make this team into an important part of the community," Stern said of the former North Carolina standout. "I think he has the capacity and the will to do that. I think he's the right majority owner at the right time."
Stern said the league updated its background and financial checks on Jordan and found nothing to stop the deal. Stern said the six-time NBA champion is the sole investor in the ownership group for now, but expects him to try to find local partners. Jordan is putting up all the cash in the deal, which is for less than the $300 million Johnson paid for the expansion franchise that began play in the 2004-05 season.
"I think it's fair to say he can afford it," Stern said.
The deal includes taking on more than $150 million in debt, covering future losses and providing millions more in capital to make improvements. The Bobcats are expected to lose about $30 million this season, even if they make the playoffs for the first time.
Jordan has declined interview requests, saying through a team spokesman he'll speak once he's formally approved as owner. The 47-year-old NBA legend has been a part-owner of the Bobcats and has had the final say on all basketball decisions since 2006.
FRIDAY'S GAME: Stephen Jackson scored 24 points and the Bobcats held off a fourth-quarter rally to beat the Clippers in Charlotte. Boris Diaw added 16 points, Tyson Chandler had 13 and Raymond Felton contributed 10 points and 11 assists for the Bobcats, who won their fifth straight.
L.A. CLIPPERS (98) -- Outlaw 6-10 0-0 16, Gooden 8-9 0-0 16, Kaman 6-11 1-1 13, Davis 10-15 2-2 24, Butler 7-19 1-2 18, Collins 0-1 0-2 0, Blake 0-0 0-0 0, Jordan 1-1 1-2 3, Smith 4-6 0-0 8, Novak 0-1 0-0 0. Totals 42-73 5-9 98.
CHARLOTTE (106) -- Wallace 7-8 3-5 17, Diaw 7-12 1-1 16, Ratliff 3-3 0-0 6, Felton 5-11 0-0 10, Jackson 9-21 4-4 24, Chandler 5-7 3-4 13, Augustin 3-7 0-0 6, Thomas 3-8 0-1 6, Henderson 1-2 2-2 4, Graham 2-4 0-0 4. Totals 45-83 13-17 106.
L.A. Clippers 23 22 23 30 -- 98
Charlotte 31 30 19 26 -- 106
3-point goals--L.A. Clippers 9-19 (Outlaw 4-8, Butler 3-8, Davis 2-2, Novak 0-1), Charlotte 3-11 (Jackson 2-5, Diaw 1-5, Felton 0-1). Rebounds--L.A. Clippers 34 (Kaman 11), Charlotte 43 (Chandler 9). Assists--L.A. Clippers 22 (Blake 9), Charlotte 29 (Felton 11). Fouls--L.A. Clippers 17, Charlotte 14. Technical--Jackson. Flagrant Fouls--Davis. A--15,835 (19,077).
Not all of the newspaper's content appears online.
*There is a fee for downloading some older articles.