Hall of Famer Michael Jordan has reached an agreement to sell his majority stake in the Charlotte Hornets to a group led by Gabe Plotkin and Rick Schnall, the team announced Friday.

Per ESPN, the sale is for an approximate $3 billion valuation.

Pending approval of the NBA’s Board of Governors, the transaction will end Jordan’s 13-year run as the NBA’s only Black majority owner. He will retain a minority ownership share of the club, however.

Plotkin, who acquired a minority stake in the Hornets in 2019, has been alternate governor on the NBA Board of Governors since that year. He is the founder and chief investment officer of Tallwoods Capital LLC.

Schnall, who is a minority owner of the Atlanta Hawks, has been alternate governor on the NBA Board of Governors since 2015. Schnall is in the process of selling his share of the Hawks.

Jordan, 60, will continue to oversee basketball operations through the 2023 NBA Draft, which will be conducted on Thursday. The Hornets hold the second overall pick of the draft after finishing with a 27-55 record in 2022-23.

Jordan started as a minority investor in the franchise in 2006, when the team was named the Charlotte Bobcats.

He then became majority owner of the franchise in 2010 when he purchased the team for $275 million from former majority team owner Bob Johnson. The move made him the first former NBA player to own the controlling share of a team.

In the years since Jordan became majority owner of the franchise, the team has only made the playoffs twice (2014, 2016), losing in the first round both times.

As one of the greatest players of all time, Jordan played for the Chicago Bulls (1984-98) and the Washington Wizards (2001-03).

With the Bulls, he earned six league titles, six Finals MVPs, five regular-season MVPs, 14 NBA All-Star selections and 10 All NBA First Team nods. He also notched an NBA Defensive Player of the Year award and nine All-Defensive First Team honors.

–Field Level Media