Michael Jordan became the first former NBA player to be the majority owner of a team when he was unanimously approved to take over the Charlotte Bobcats by the league.
"We are pleased that Michael Jordan's purchase of majority ownership of the Bobcats was approved by the NBA's Board of Governors and closed in such a smooth and expeditious fashion," NBA Commissioner David Stern said in a statement.
Jordan organised a group of investors to pull off the deal under MJ Basketball Holdings.
Known as "Air Jordan" in his playing days, he led the Chicago Bulls to six NBA championships and was five-times named the league's Most Valuable Player.
"Purchasing the Bobcats is the culmination of my post-playing career goal of becoming the majority owner of an NBA franchise," Jordan said in a statement.