*Michael Jordan is finally THE man as in the owner of an NBA franchise, the Charlotte Bobcats.

In the early hours of Saturday morning, Bobcats majority owner Bob Johnson announced he’s selling control of the team to Jordan, the Hall of Fame player who has overseen the Bobcats’ basketball operation the past few years.

Jordan beat out former Houston Rockets president George Postolos, who led an investor group looking to buy the team. Johnson contacted Postolos late Friday to inform him that Jordan would be buying the team.

“I remain committed to becoming an NBA owner, and I’m glad that Michael will continue to bring his talent to the sport and the league,” Postolos said.

It was not immediately clear who will be in Jordan’s ownership group. Sources said he was still recruiting investors in the past few days through various intermediaries.

Read the full story at the Charlotte Observer.