Jerry Reinsdorf, who is already a co-owner of the White Sox, will become majority owner of the Bulls by March 1 under an agreement announced Friday.

Lester Crown, the Bulls` chairman of the board, said Reinsdorf and his group will buy 56.8 percent of the team, reportedly for $9.2 million. Twenty- six percent of the team will come from the estate of Arthur Wirtz. The remainder will come from minority owners Philip Klutznick, Walter Shorenstein and George Steinbrenner. Crown, managing partner and vice president Jonathan Kovler and Lamar Hunt will remain as partners.

The $9.2 million figure was contained in papers filed Wednesday with Cook County Probate Court to allow the shares held by the Wirtz estate to be sold.

''I will be visible, I will be seen, I will be actively involved with this franchise,'' Reinsdorf said. ''In effect, I`m taking over Lester`s role, but it will be a more intensive role than Lester had.''

''I see it as a very constructive sale,'' said NBA commissioner David Stern. ''We`re happy about that. He is a very familiar name in Chicago.''

The American League baseball owners also will have to approve the purchase because of Reinsdorf`s involvement with the Sox. That should be a formality.

A possible stumbling block may be Milwaukee businessman Marvin Fishman, who last year was awarded $12 million in damages from Bulls` owners after a judge agreed that his bid to buy the team in 1972 was blocked illegally. He has said he will continue his efforts to buy the Bulls. Calls to Fishman`s office weren`t returned Friday, but attorney Steve Spitz said Fishman would

''continue to pursue all available legal remedies to purchase the Bulls.''

Reinsdorf wasn`t overly concerned about the Fishman situation. ''As far as I can tell, it will go on for several years,'' he said. ''I`m not concerned about any possible liabilities.''

Spitz said the Bulls` owners have posted a ''supercedent bond'' of approximately $13 million, guaranteeing payment of any final judgment awarded Fishman in the case.

Reinsdorf said he will work on the business end and leave the basketball decisions to general manager Rod Thorn and coach Kevin Loughery.

''I don`t have anybody to bring in,'' Reinsdorf said. ''I don`t have any special plans. I will get to know the people in the organization. I would anticipate no changes. Look at Tony LaRussa; he is still the Sox`s manager. If there has been one guy in the hot seat, he`s been it. I`ve shown I`m not a guy who will make changes just for the sake of change.

''There is a lot of similarity between the quality of the Sox and the Bulls. Actually, this franchise is ahead of where the Sox were when we took them over (in January, 1981). This club has a great base, a real chance for some solid growth, just like the White Sox--even better.''

Reinsdorf is heading a group that includes Gene Fanning of Fanning Cadillac; Charles Lubin, founder of Sara Lee; Bob Judelson, co-founder of Balcor Co.; Allan Muchin of the Chicago law firm Katten & Muchin; Chuck Walsh of Associated Professional Sports; Jack Gould, one of the Sox`s owners; Nick Kladis, another Sox owner; Larry Levy of the Levy Organization restaurant operation; and Sanford Takiff, owner of the Ron of Japan restaurants.

Reinsdorf also indicated he would ask Bill Wirtz and possibly Sox co-owner Eddie Einhorn to become involved.

'' busy with his USFL interests, but I would like him to be with us in some capacity,'' Reinsdorf said of Einhorn, who plans on fielding a United States Football League franchise in Chicago in tll be a very blue-ribbon Chicago group, but control will solely be vested in myself.''

Reinsdorf said the NBA`s financial upswing was a major factor in the deal.

''The NBA is order,'' he said. ''It`s very important that the league has a salary cap. I wouldn`t have gotten involved without it. The salary cap establishes a relationship between labor and management. Ie with each other. Management and labor are really partners in professional sports.

''We`re not going to be wild spenders. Our stated plan when we bought the Sox was for long-ran free agents were just to bridge the gap until the farm system could begin producing.''

Reinsdorf said from a purely financial standpoint there are better investments than the Bulls.

lking about a return on my investment,'' said Reinsdorf, who knows how to make money and big deals. He was an attorney specializlped build it into the nation`s second-largest real estate syndication and investment firm. Reinsdorf was Balcor`s president and board chairman in July, 1982, when he helped put together the cExpress for $53 million down with another payment that could reach $50 million.

''But I love sports,'' he said. ''I remember the excitement of 1983 (when the Sox won the American Leaguelight, the euphoria of the city. This team is playing much better than last year, and it has a great, young nucleus. There is also the possibility of acquiring new talent with the four second-e this year.''

Of course, there`s Michael Jordan.

''We started these negotiations in August, before Michael Jordan started playing,'' Reinsdorf said. ''But no question he helps.ew York Knicks in Madison Square Garden, and normally 8,000 people would be there. That night, it was sold out (19,252), and from what I understand, it`s been that way all around the league.''e years left on a lease with the Chicago Stadium, and Reinsdorf said he has no plans to move the club to another arena.

''It`s a good facility,'' he said. ''I don`t see us moving out ate Stadium for many years. Sure, you have to drive through a bad neighborhood to get there, but you park right across the street. When the Bulls were in the playoffs, there were 18,000 fans the interest in the Horizon.''