Retired basketball icon Michael Jordan has bought a majority share of the NBA’s Charlotte Bobcats.

Jordan already owned a minority stake and lead a group that bought a majority share of the team from businessman Robert Johnson. The majority interest of Bobcats Sports and Entertainment was sold to Michael Jordan and MJ Basketball Holdings, LLC. The deal is subject to NBA approval.

Jordan has overseen the team’s basketball operations in recent years.

Johnson, who founded BET and sold it to Viacom for three billion dollars in 2001, announced that he had been looking for someone to buy earlier this year. Check here for the entire story from the Charlotte Observer.