BASKETBALL legend Michael Jordan has struck a deal to purchase NBA team Charlotte Bobcats.

Owner Bob Johnson announced that he has agreed to sell the North Carolina team to former Chicago Bulls star Jordan, who has been a part-owner since 2006.

The price has not been revealed and the deal is still subject to NBA approval.

The Bobcats, who were only established in 2004, lie ninth in the Southeast Division of the NBA’s Eastern Conference – one spot off the playoffs.

Jordan beat off competition from former Houston Rockets executive George Postolos to buy the loss-making franchise before a midnight deadline on Friday.

Jordan, a two-time Olympic gold medallist, is widely regarded as the greatest basketball player of all-time.

Voted the NBA’s Rookie-of-the-Year in 1985, he went on to lead the Chicago Bulls to victory at the NBA Championships six times in six seasons.

After twice coming out of retirement, in 1995 with the Bulls and in 2001 with the Washington Wizards, the 14-time All Star finally quit the game for good as a player in 2003.

In June 2006, he bought a minority stake in the Bobcats and was employed to run the team’s basketball operations – primarily responsible for drafting players.

However, the 47-year-old rarely attends the team’s games. (BBC Sport)