NEW YORK – National Basketball Association Commissioner David Stern issued the following statement today:

“We have been anticipating an agreement for transfer of a majority interest in the Bobcats and are pleased it has occurred. Bob Johnson brought the excitement of the NBA back to Charlotte and I am certain that as Michael Jordan returns to his home state as the principal owner of the Bobcats the team will continue its growth as a success on the court, as a business success and as a valued community asset. We expect the expedited approval process to be completed by the end of next month.”