Traci Blunt, a spokeswoman for owner Bob Johnson, told The Associated Press that Jordan was able to put together an ownership group late Friday to buy the team he has been a part-owner of since 2006. Jordan has been running the team's basketball operations.
The purchase price was not immediately available.
Former Houston Rockets executive George Postolos also bid on the Bobcats. The NBA's owners still must approve the purchase.
The deal will end Johnson's largely unsuccessful stint as the first black majority owner of a major professional sports team.