Michael Jordan is set to sell the majority share of the Charlotte Hornets, NBA confirmed on Friday, a move that will end his 13-year run overseeing the basketball team.
In a statement, NBA said that Jordan has reached an agreement to sell the majority share of the Charlotte Hornets to a group led by Gabe Plotkin and Rick Schnall.
"Plotkin, who acquired a minority stake in the Hornets in 2019, has been an alternate governor on the NBA Board of Governors since 2019 and is the founder and chief investment officer of Tallwoods Capital LLC," the statement said.
"Schnall is co-president of Clayton, Dubilier & Rice LLC, where he has worked for 27 years, and has been a significant minority owner of the Atlanta Hawks and an alternate governor on the NBA Board of Governors since 2015. Schnall is in the process of selling his investment in the Hawks, which is expected to be completed in the next several weeks," it added.
Jordan is largely considered to be the greatest player in the history of the game, winning six NBA titles in 1991, 1992, 1993, 1996, 1997, and 1998 during his career with the Bulls.
He was also a six-time NBA Finals MVP (most valuable player) and 14-time NBA All-Star.
The 60-year-old legendary retired from basketball in 2003.