Already a minority owner, Jordan's group bought the majority share from businessman Robert Johnson, Johnson said in a statement, CNN reported. Jordan, 47, already oversees the Bobcat's basketball operations, after winning six NBA titles with the Chicago Bulls.
The deal is subject to NBA approval. The purchase price was not reported.
CNN reported that Johnson said he has signed an agreement to sell a majority interest of Bobcats Sports and Entertainment to Michael Jordan and MJ Basketball Holdings LLC.
BET founder Johnson said he had been looking for a buyer.