The 38-year-old superstar, who led Chicago to six NBA titles, is relinquishing his part-ownership of the Washington Wizards to play for the franchise.

League commissioner David Stern said: "I am happy to welcome Michael Jordan the player, back to the NBA, although I'm sorry to lose him in the boardroom.

"Michael has always brought joy to basketball fans around the world and, in these difficult times, we can all use a little more joy in our lives."

With the NBA's television contract set to expire in June, Stern will now have Jordan to use as a major bargaining chip for a lucrative new deal.

Wizards majority owner Abe Pollin is equally delighted at Jordan's decision to get back on the court.

"It's one of my happiest days, one of the happiest for fans of Washington and the nation," Pollin enthused.

"I was on a boat in the Black Sea and people came up and asked me, 'Is Michael coming back?'

"The whole world was waiting to hear. Now the fans will be seeing the greatest player to ever play the game."

Looking ahead to Jordan's contribution on the court, Pollin continued: "Nothing compares to winning a title, until the next one... and Michael has promised me another ring."

Doug Collins, who once briefly coached Jordan in Chicago, added: "He's going to help our younger players.

"And he will show every day what it takes to make it in this business."

Kwame Brown, the high school graduate that Jordan in June made first draft pick, will now be his idol's team-mate.

'Good for the game'

"Without a doubt, the possibility of playing alongside Michael Jordan is the most exciting thing about becoming a pro," Brown commented.

"I was his biggest fan. I'll just be a sponge and soak up as much as I can."

Philadelphia guard Aaron McKie, the NBA's Sixth Man of the Year last season, predicted Jordan would find ways to compensate for his age.

"It is good for the game. Michael is a great player and an even a better competitor," McKie explained.

"No matter how long he has been away from competitive basketball, he is always going to be MJ.

"He is a smart enough player and will adjust his game to make himself a threat on the court."