Charlotte Hornets owner Michael Jordan announced on Saturday that Gabe Plotkin — Founder and Chief Investment Officer of Melvin Capital — and Daniel Sundheim — Founder and Chief Investment Officer of D1 Capital — will join the franchise as partners.

The transaction is subject to NBA approval.

“I’m excited to welcome Gabe and Dan as my partners in Hornets Sports & Entertainment,” Jordan said, via Hornets.com. “While I will continue to run the Charlotte Hornets, make all decisions related to the team and organization, and remain the team’s NBA Governor, Gabe and Dan’s investment in the franchise is invaluable, as we continue to modernize, add new technology and strive to compete with the best in the NBA.

“Both Gabe and Dan are industry standard-setters and proven leaders, with a belief in philanthropy and a passion for the game of basketball. They share my commitment to Charlotte and the Carolinas, and I look forward to working with and learning from them.”

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Michael Jordan controls about a 97 percent stake in the Hornets. According to Rick Bonnell of the Charlotte Observer, this agreement has no provision for MJ to give up majority control of the team or its operation.

Jordan acquired a controlling interest of the Hornets in 2010.