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Michael Jordan left the hardwood for good in 2003 but he is still making NBA history.

Today he became the first former player to be a majority team owner in the NBA when his $275 million bid to buy the Charlotte Bobcats was unanimously approved by the league’s Board of Governors on Wednesday.

Jordan will take over the money-losing team immediately from Bob Johnson after serving 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.”