Michael Jordan is cashing out.
The majority owner of the Charlotte Hornets will sell the team in the next week or two after the NBA board of governors voted to approve the sale, according to ESPN's Adrian Wojnarowski.
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Wojnarowski reported that the approximate $3 billion sale to a group led by Rick Schnall and Gabe Plotkin was approved 29-1, with the lone vote against being New York Knicks owner James Dolan.
Plotkin is a minority owner of the Hornets and Schnall is currently a minority owner of the Atlanta Hawks. Jordan, the league's only Black majority owner, will retain a minority stake in the franchise.
The six-time NBA champion spent 13 years as owner of the Hornets after paying $275 million for a majority stake in 2010. The Hornets made the postseason only twice under Jordan's ownership, failing to win a playoff series.
The team went 27-55 last season, missing the playoffs for the seventh consecutive year. The Hornets used the No. 2 overall pick in the 2023 draft to select Brandon Miller.