Michael Jordan's $3 billion sale of the Charlotte Hornets to a group led by Rick Schnall and Gabe Plotkin has been approved by the NBA's board of governors, a source with knowledge of the deal confirmed to DailyMail.com.
The sale is expected to be finalized in the next several weeks, and Jordan is expected to keep a minority stake in the club.
News of the sale being approved was first reported by ESPN.
Jordan bought the majority stake in his home state's NBA team for $275 million in 2010.
Michael Jordan's sale of the Charlotte Hornets to minority owner Gabe Plotkin is now approved