Charlotte Hornets owner Michael Jordan and one of the most iconic athletes in sports history has agreed to sell his majority stake in the team to a group led by Gabe Plotkin and Rick Schnall, two private equity investors.
The team as a whole was valued at $3 billion, according to a person familiar with the details of the agreement but not authorized to discuss it publicly. In announcing the sale, the team did not disclose what percentage of its stake Jordan would sell, but said it would remain a minority investor. Jordan, a North Carolina native, first purchased the team in 2010 for $275 million, when it was known as the Bobcats.
The acquiring group also includes country music star Eric Church and rapper J. Cole, both from North Carolina.
Jordan won six championships with the Chicago Bulls in the 1990s and is considered by many to be the greatest basketball player of all time.