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CHARLOTTE – Basketball great and new Charlotte Bobcats owner Michael Jordan will hold his first news conference with the team Thursday night at Time Warner Cable arena.

The NBA Board of Governors unanimously approved Jordan's bid to purchase controlling interests of the team.

Reports say Jordan bought the team for $275 million and is the sole investor, although he's expected to find local partners.

The deal includes taking on more than $150 million in debt, and the franchise is expected to lose nearly $30 million this season.

Thursday's conference is scheduled for 6 p.m. News 14 Carolina will carry it live, and immediately after, you can see an exclusive interview with Jordan and News 14 Carolina Sports Director Mike Solarte.