Jordan becomes part-owner of NBA's Bobcats

CHARLOTTE, N.C. — Michael Jordan became part-owner of the Charlotte Bobcats on Thursday in a deal that gives him a stake in most of Robert Johnson's ventures.

Jordan's investment makes him second only to Johnson as the largest individual owner of the Bobcats. Johnson, who spent $300 million on the expansion Bobcats three years ago, then named Jordan the managing member of basketball operations.

"I'm thrilled to have my friend, Michael Jordan, join me in my business and sports pursuits," Johnson said in a statement. "I not only respect Michael for his basketball knowledge and expertise, but also for his business skills, particularly in branding and marketing.

"Michael will provide invaluable management input to a Bobcats team that is poised to deliver results for the 2006-2007 season and beyond."

Jordan, who led the Chicago Bulls to six NBA championships, bought into Johnson's existing portfolio. Johnson, the founder of BET, has financial interests in several media, entertainment and financial services, and became the first black owner in the NBA when he beat out a Larry Bird-backed group for Charlotte's new team.

He tried from the get-go to bring Jordan into the fold, offering him any position he wanted with the team — except majority owner. Jordan eventually passed, citing his desire to pursue ownership in his own team.

Now, with Johnson in the midst of a major management shakeup on his fledgling team, he's bringing in the greatest NBA player ever to help.

"I'm excited to join Bob, and invest alongside one of the most astute businessmen I know," Jordan said. "I am also looking forward to providing my advice, where needed, to Bobcats management in order to put the best possible team on the court."