(Photo by Kent Smith/NBAE via Getty Images)

CHARLOTTE, N.C. (AP) Michael Jordan became a basketball star at North Carolina. Now he'll try to turn around the state's money-losing NBA team by becoming the first ex-player to be a majority owner in the league.

The NBA's Board of Governors on Wednesday unanimously approved Jordan's $275 million bid to buy the Charlotte Bobcats from Bob Johnson. Jordan will immediately take over the team after functioning as a minority investor with the final say on basketball decisions since 2006.

"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. "I am especially pleased to have the opportunity to build a winning team in my home state of North Carolina.

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