Michael Jordan Buys Bobcats

Saturday morning, Bobcats majority owner Bob Johnson announced he's selling control of the team to Michael Jordan, the Hall of Fame player who has overseen the Bobcats' basketball operation the past few years, according to a report by charlotteobserver.com.

Jordan beat out former Houston Rockets president George Postolos, who led an investor group looking to buy the team. Johnson contacted Postolos late Friday to inform him that Jordan would be buying the team.

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