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.