CHARLOTTE, N.C. (WGHP) — Michael Jordan’s sale of the Charlotte Hornets has been approved by the NBA’s board of governors, according to ESPN’s Adrian Wojnarowski.

Jordan’s 13-year stint as majority owner of the Charlotte Hornets/Bobcats comes to an end with him flipping the franchise he purchased for $275 million for $3 billion.

A group led by Rick Schnall and Gabe Plotkin will now take control of the team while Jordan maintains a minority stake in the Hornets.

Plotkin has been a minority owner of the Hornets since 2020.