And, as part of the deal, Jordan will invest in the Bobcats; becoming the largest individual owner after Johnson.
Jordan will become the managing member of basketball operations for the Bobcats ownership group.
Johnson said: “I'm thrilled to have my friend, Michael Jordan, join me in my business and sports pursuits. 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.
“Our joint venture will allow Michael to invest in private equity, hedge funds, financial services, real estate, film production, and other business interests that my holding company, the RLJ Companies, is pursuing.”
The majority owner of the NBA’s Charlotte Bobcats – BET founder Robert L Johnson - has entered into a venture with the legendary Michael Jordan to see the two jointly invest in a range of future business opportunities.
