NEW YORK — The NBA Board of Governors has unanimously approved Michael Jordan's bid to buy a controlling interest in the Charlotte Bobcats.

NBA commissioner David Stern said in a statement Wednesday that he was pleased the $275 million purchase was "closed in such a smooth and expeditious fashion."

Jordan is the sole investor in the ownership group, but he's expected to try to find local partners. The deal includes taking on more than $150 million in debt, covering future losses and putting forward capital to make improvements.

The franchise is expected to lose about $30 million this season.

Jordan has said he would not comment until he is approved as an owner. He had been part-owner of the Bobcats with final say in all basketball decisions since 2006.