News broke on Friday morning that Michael Jordan is finalizing terms on a sale of his majority stake in the Hornets to an ownership group led by billionaires Gabe Plotkin and Rick Schnall, per ESPN’s Adrian Wojnarowski.
The impending sale would end Jordan’s 13-year run as the majority owner. Jordan will continue to oversee basketball operations through the NBA draft next week and the start of free agency on July 1.
Once the sale is finalized, Jordan will keep a minority stake in the franchise.