The NBA Board of Governors has voted to approve Michael Jordan’s sale of the Charlotte Hornets to an ownership group led by Gabe Plotkin and Rick Schnall, per multiple reports.

The sale of the team won’t become official for at least another week or two. ESPN’s Adrian Wojnarowski reports the BOG vote was 29-1 in favor of the sale.

The decision ends Jordan’s 13-year run as majority owner of the franchise. He will remain on as a minority owner.

ESPN Sources: The NBA’s Board of Governors has approved the sale of the Charlotte Hornets to a group led by Rick Schnall and Gabe Plotkin, clearing the way to end Michael Jordan’s 13-year run as majority owner.

— Adrian Wojnarowski (@wojespn) July 23, 2023

Jordan agreed to sell the team on June 16. However, when an NBA owner decides to sell it first must be approved by the league’s Board of Governors.

Jordan’s decision to sell leaves the NBA without a Black majority owner.

Plotkin has been a minority stakeholder with the Hornets since 2019, while Schnall has been a minority owner of the Atlanta Hawks since 2015. He has been forced to sell his investment in that team.

The sale price is reportedly around $3 billion, according to ESPN.

As an owner Jordan never came close to matching his success as a player, where he won six NBA titles with the Chicago Bulls while becoming one of the game’s greatest players ever.

Charlotte went 423-600 under Jordan, the 26th-best record over that span. The Hornets have not won a playoff series during that time and have missed the postseason for the last seven seasons.

The owner members of the Hornets new ownership group include artist J. Cole, Dan Sundheim, Ian Loring, country music singer-songwriter Eric Church, Chris Shumway and several local Charlotte investors, including Amy Levine Dawson and Damian Mills.

Information from The Associated Press was used in this report.