The venture with majority owner Robert Johnson makes Jordan the second-largest individual owner of the club behind only Johnson.
Jordan was named managing member of basketball operations.
"I'm thrilled to have my friend, Michael Jordan, join me in my business and sports pursuits," Johnson said. "I not only respect Michael for his basketball knowledge and expertise, but also for his business skills, particularly in branding and marketing."
Jordan, a former part owner of the Washington Wizards, was a six-time NBA champion with Chicago, and led the NBA in scoring 10 times. He has been featured in numerous high-profile endorsement deals and his Jordan Brand -- a division of NIKE -- has become a fixture in the athletic shoes and apparel market.
"I am looking forward to providing my advice, where needed, to Bobcats' management in order to put the best possible team on the court," he said.