Michael Jordan has reached an agreement to sell his stake of the Charlotte Hornets, the team announced Friday. That agreement has been made with a group led by Gabe Plotkin and Rick Schnall.

According to ESPN’s Adrian Wojnarowski, the sale values the Hornets at $3 billion.

Plotkin, who is a minority governor of the Hornets, and Schnall, who was a minority governor of the Atlanta Hawks, will become the Hornets’ governors once the sale is approved and finalized.

Along with Plotkin and Schnall, the Hornets announced that rapper J. Cole and Country Music Star Eric Church are now part of the new ownership group.

Jordan, who is arguably the greatest best basketball player of all time, purchased a majority stake in the Charlotte Hornets for $275 million in 2010 back when they were still known as the Bobcats. The 60-year-old NBA icon had been the league’s only Black majority owner, and he was also the first former NBA player to become a billionaire.

Michael Jordan was the ideal candidate to take the Charlotte Hornets to the next level. He had grown up in North Carolina and went to the University of North Carolina. Though, the team barely sniffed any success with Jordan as the majority owner. Since 2013, the team had reached the playoffs twice, getting eliminated in the first round in both 2014 and 2016.

This is Breaking News. More to come.

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