The Charlotte Hornets will have a new majority owner soon.
Michael Jordan is finalizing a sale of the Charlotte Hornets, ending his 13-year run as majority owner, ESPN reported Friday morning.
Why it matters: Jordan, considered by some to be the greatest basketball player of all time, bought a majority stake in 2010, making him the first former NBA player to own a team.
Under Jordan, the Hornets have made the playoffs twice, most recently in 2016. The team lost in the first round each time.
The sale will be to a group led by Gabe Plotkin and Rick Schnall. An agreement is expected to be signed in the coming days, ESPN reported.
Schnall, a minority owner with the Atlanta Hawks, and Plotkin, a minority owner with the Hornets, will take over the team once the NBA completes the final approval process.
Jordan will continue to oversee basketball operations through next Thursday’s NBA draft and the start of free agency on July 1.
He retains a minority stake in the team and will continue to have a presence with the franchise.