Report: MJ Strikes Deal to Buy Bobcats

Filed under: Bobcats, NBA Rumors

Michael Jordan has struck a deal to buy controlling interest of the Charlotte Bobcats, taking charge of the money-losing team in his home state.



Traci Blunt, a spokeswoman for owner Bob Johnson, told The Associated Press that Jordan was able to put together an ownership group late Friday to buy the team he has been a part-owner of since 2006. Jordan has been running the team's basketball operations.



The purchase price was not immediately available.



Former Houston Rockets executive George Postolos also bid on the Bobcats. The NBA's owners still must approve the purchase.



The deal will end Johnson's largely unsuccessful stint as the first black majority owner of a major professional sports team.



Copyright 2010 The Associated Press. The information contained in the AP news report may not be published, broadcast, rewritten or otherwise distributed without the prior written authority of The Associated Press. Active hyperlinks have been inserted by AOL.

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Full story at http://nba.fanhouse.com/2010/02/27/report-mj-strikes-deal-to-buy-bobcats/