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Michael Jordan ‘proud’ of Hornets’ accomplishments as sale of NBA team is finalized

Michael Jordan’s reign as majority owner in the NBA is formally over.

The Charlotte Hornets on Wednesday announced the NBA’s board of governors officially approved Jordan’s sale of a majority stake in the franchise to Rick Schnall and Gabe Plotkin, which comes a little over a week after word initially broke that the transaction worth a reported $2 billion was done.

With Schnall and Plotkin now in charge, it marks the end of Jordan’s tenure as the organization’s chief decision-maker — a role he’s held since 2010 when the Hall of Famer paid Bob Johnson roughly $180 million to gain majority control of the then-named Charlotte Bobcats, acquiring roughly 65% of the expansion franchise’s equity from Johnson.