The NBA Board of Directors unanimously approved Michael Jordan's bid to buy the Bobcats today, according to the Associated Press.
Commissioner David Stern said in a statement that he was pleased the sale was "closed in such a smooth and expeditious fashion."
Jordan, who is expected to look for minority partners, reportedly bought the team for $275 million, though he is also taking on more than $150 million dollars in debt.
Forbes had reported that the sale was for just $175 million, a figure the NBA disputed.