Michael Jordan is officially no longer the majority owner of the Charlotte Hornets.
The NBA Board of Governors — made up of the other owners — has officially approved the sale of the Hornets to a group led by Gabe Plotkin and Rick Schnall, according to multiple reports. Jordan will retain a minority share of ownership, but will not be involved in the club's day-to-day operations. The vote was 29-1, with Knicks owner James Dolan casting the lone vote against according to ESPN’s Adrian Wojnarowski.
The Hornets were valued at around $3 billion for the sale.