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February 27, 2010
Bobcats Sports and Entertainment statement on Michael Jordan
Robert L. Johnson, the majority owner of Bobcats Sports and Entertainment today announced that he has signed a definitive agreement to sell majority interest of Bobcats Sports and Entertainment to Michael Jordan and MJ Basketball Holdings, LLC. The deal is subject to NBA approval. Further details of the sale will be provided by the NBA.
NBA Commissioner David Stern statement on Michael Jordan
"We have been anticipating an agreement for transfer of a majority interest in the Bobcats and are pleased it has occurred. Bob Johnson brought the excitement of the NBA back to Charlotte and I am certain that as Michael Jordan returns to his home state as the principal owner of the Bobcats the team will continue its growth as a success on the court, as a business success and as a valued community asset. We expect the expedited approval process to be completed by the end of next month."
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