Michael Jordan has reached an agreement to sell his majority share of the Charlotte Hornets to a group led by Gabe Plotkin and Rick Schnall, the team announced Friday in a press release.

The move will end the NBA Hall of Famer's 13-year tenure as the Hornets' primary owner. Jordan will still hold a minority stake in the franchise.

Jordan, who starred at the University of North Carolina prior to his legendary 15-year NBA playing career, had been the league's sole Black majority owner. The 60-year-old purchased the Hornets in 2010 for approximately $275 million.

Financial details of the proposed transaction, which will require approval from the NBA's Board of Governors, have not been disclosed. According to ESPN, the Hornets have a valuation of approximately $3 billion.

In the most recent ownership change involving an NBA franchise, the Phoenix Suns were purchased by mortgage investor Mat Ishbia for a reported $4 billion in December.  

Plotkin, the founder and chief investment officer of Tallwoods Capital LLC, has been a Hornets minority owner and an alternate on the NBA's Board of Governors since 2019.

Schnall is currently a minority owner of the Atlanta Hawks and is in the process of selling his share of that team. He has been with the Hawks since 2015 and is also an alternate on the Board of Governors. 

Other members of the new ownership group include country music star Eric Church and recording artist J. Cole.

Jordan led the Chicago Bulls to six NBA titles in a remarkable eight-year span in the 1990s as a player but never came close to reaching the same heights as an owner. The Hornets made the playoffs just twice during his reign while compiling a 423-600 overall record, which ranks 26th of the NBA's 30 teams in winning percentage over that period. 

The Hornets last won a playoff series in 2002 and their stretch of 19 consecutive seasons without a postseason series victory is tied with the Minnesota Timberwolves for the longest active streak in the league.

Charlotte had the NBA's fourth worst record this past season at 27-55 and holds the No. 2 overall pick in next week's draft.