Basketball legend Michael Jordan has agreed to sell his majority stake in the Charlotte Hornets for an impressive valuation of around $3 billion. This move marks the end of his 13-year tenure as the team's majority owner.

The buyers, Gabe Plotkin and Rick Schnall, will lead the group taking over ownership. Schnall is currently a minority owner with the Atlanta Hawks, while Plotkin holds a similar position with the Hornets. They will become the new franchise governors once the NBA completes its vetting and approval process.

Although Jordan is stepping back from the majority ownership role, he will still be involved in the team's affairs. He will retain a minority stake and continue to oversee basketball operations until Thursday's NBA draft and the start of free agency on July 1.

Notably, Michael Jordan, known for his remarkable basketball career, winning six NBA championships and earning five MVP awards, has been the league's only Black majority owner. He initially acquired the majority stake in the Hornets in 2010 for $275 million.

In recent years, Jordan had already sold a significant minority stake to Plotkin and Daniel Sundheim in 2020, with Sundheim also being part of the group purchasing the Hornets now. On the other hand, Rick Schnall was part of the team that bought the Atlanta Hawks in 2015 for $850 million.