Jordan Is Part-Owner of Bobcats

Michael Jordan became part-owner of the Charlotte Bobcats on Thursday in a deal that gives him a stake in most of majority partner 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 in 2002, said Jordan will be 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 2006-07 season and beyond.”

Jordan, who led the Chicago Bulls to six NBA championships, bought into Johnson’s existing portfolio.

Johnson, the founder of Black Entertainment Television, has financial interests in several media, entertainment and financial services, and became the first African American owner in the NBA when he beat out a group backed by Larry Bird.