"He (Johnson) has signed a definitive agreement to sell the majority interest of Bobcats Sports and Entertainment to Michael Jordan and MJ Basketball Holdings LLC," a statement said.
The former NBA star, who led the Chicago Bulls to six league championships, was not available for comment.
NBA commissioner David Stern said he was pleased with the sale.
"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," Stern said in a statement.
The sale needs the approval of the owners of the NBA's 29 other franchises and Stern said he expected that process to be completed by the end of March.
(Reporting by Gene Cherry in Salvo, North Carolina; Editing by Justin Palmer)