NBA great Michael Jordan has agreed terms to buy controlling interest of the Charlotte Bobcats - a deal league commissioner David Stern welcomed on Saturday.

Stern said he expects Jordan to be approved by league owners as majority owner of the club by the end of next month thanks to an "expedited approval process."

"We have been anticipating an agreement for transfer of a majority interest in the Bobcats and are pleased it has occurred," Stern said in a statement.

The agreement was the equivalent of a boardroom buzzer-beater, with six-time NBA champion Jordan making the deal late Friday minutes before his exclusive negotiating window was to expire.

Owner Bob Johnson said in a statement that he had agreed to sell the Bobcats to Jordan, who been a part-owner of the club in his home state 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.

Jordan was in competition with former Houston Rockets executive George Postolos, who also put an ownership group together to buy the team. Source.