CHARLOTTE - The NBA board of governors approved the sale of the Charlotte Bobcats to Michael Jordan, making the former Chicago Bulls star the first ex-player to be a majority owner in the league.

The $275-million bid by the five-time NBA MVP was approved on Wednesday elevating the 47-year-old from a minority investor to a majority owner.

Jordan, who led North Carolina's college basketball team to a NCAA title in 1982, was fired from his management position with the Washington Wizards in 2003. He then took a minority stake in the Bobcats' franchise.

Wednesday's board approval gave Jordan the green light after he initially struck a provisional deal to buy the club last month.

Charlotte is in sixth place in the Eastern Conference with 34 wins and 32 losses.

Jordan declined to comment on Wednesday.