Michael Jordan’s sale of the Charlotte Hornets has been approved by his fellow league owners.
The NBA’s board of governors approved the sale of the team to a group led by Rick Schnall and Gabe Plotkin, ESPN’s Adrian Wojnarowski reported on Sunday. The completion of the sale is set to be executed within the next two weeks.
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Jordan, who became the majority owner of the team in 2010, agreed in June to sell the team to the Schnall/Plotkin group. The sales price values the team at $3 billion.
Plotkin was previously a minority owner of the Hornets, while Schnall had been a minority owner of the Atlanta Hawks. Jordan will retain a minority ownership stake in the Hornets.
Jordan initially bought a minority stake in the then-Charlotte Bobcats in 2006. He paid $275 million to purchase a majority stake in the team in 2010.
The Hornets only have one winning season in the last seven seasons.
