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 and details of Jordan's ownership group - called MJ Basketball Holdings LLC - weren't immediately available. Blunt said Johnson would have no further comment.

Former Houston Rockets executive George Postolos also bid on the Bobcats and didn't immediately return a message seeking comment.

NBA commissioner David Stern announced at All-Star weekend that a deal was imminent, but the league's owners must still approve the purchase.

After paying $300 million for the expansion franchise that began play in 2004-05, Johnson has lost tens of millions of dollars each season as the Bobcats have struggled to draw fans and find sponsorships.

Johnson recruited Jordan to be a minority investor and gave him the final say on all basketball decisions.

Jordan runs the Bobcats' basketball operations, but he's not officially a team employee and rarely attends practices or games, or does work on the marketing side of the operation.

Jordan has had some missteps - drafting the disappointing Adam Morrison No. 3 overall in 2006 - but he was also able to lure Hall of Famer Larry Brown to become coach at the beginning of last season.

Jordan and Brown have made seven trades involving 21 players since the start of last season. The November acquisition of Stephen Jackson from Golden State has helped Charlotte get into playoff contention in the Eastern Conference.