Michael Jordan, who has been the majority owner of the Charlotte Hornets since 2010, has decided to sell his shares of the team to a group led by Gabe Plotkin and Rick Schnall, first reported by ESPN's Adrian Wojnarowski.

An agreement on the terms of the deal are expected to be signed soon, ending Jordan's run with Charlotte. Plotkin is a minority owner of the Hornets already and Schnall has been a minority owner of the Atlanta Hawks. Both are set to become the team's new governors once the sale is final and approved by the league.

Becoming the part-owner and head of basketball operations of the Charlotte Bobcats in 2008, Jordan ended up buying a controlling interest in 2010. While he is selling his majority stake in the franchise, the NBA Hall of Famer is expected to keep a minority stake and presence with the franchise. Jordan will also continue to oversee basketball operations in Charlotte through the 2023 NBA Draft and free agency, according to Wojnarowski.

In Jordan's 13 years as the owner of the Bobcats/Hornets, the franchise made the playoffs just twice, finishing with a losing record in ten of the last 13 seasons.

His sale of the team has been rumored for quite some time now, as he was involved in sale discussions for months. Now, the sale of the Hornets appears to be inching closer to being finalized with Plotkin and Schnall taking over.

Following the 2022-23 season in which the Hornets finished with a 27-55 record, there are question marks about the direction of the team. LaMelo Ball is the only All-Star talent Charlotte has and after drama  surrounding Miles Bridges last offseason, there is no certainty on his NBA future.

Charlotte owns the second overall pick in next week's NBA Draft and is set add another versatile, high-end talent to their roster alongside Ball as a result.