"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.
Jordan was already an investor and the head of basketball operations for the team, which has lost tens of millions since Johnson was granted the expansion franchise in 2003, The Charlotte Observer reported on its website.
The former NBA star, who led the Chicago Bulls to six league championships, was not available for comment.
Johnson said further details would come from the NBA. Owners of the NBA's 29 other franchises must approve the sale.