Michael Jordan Is Reportedly Selling , His Hornets Majority Stake.
Jordan has been a majority owner of the Charlotte Hornets for 13 years.
But according to league sources, he's struck a deal with "a group led by Gabe Plotkin and Rick Schnall" for $3 billion, ESPN reports. .
Once the league finishes vetting and approval procedures, Schnall and Plotkin will reportedly become the Hornets' governors.
Jordan will still oversee operations through the NBA draft and beginning of free agency.
After the sale is completed, Jordan will maintain a minority stake with the franchise.
Jordan bought the majority stake
for $275 million in 2010.
He's been the only African American majority owner in the NBA to date, ESPN reports. .
The Hornets had a 27-55 season plagued with injuries to many of their best players.
They currently have the No. 2 draft pick