Michael Jordan sells majority stake of Hornets

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

Per ESPN, the sale is for an approximate $3 billion valuation.

Pending approval of the NBA's Board of Governors, the transaction will end Jordan's 13-year run as the NBA's only Black majority owner. He will retain a minority ownership share