Michael Jordan will sell a portion of the Hornets to two New York-based investors but will remain majority owner, the team announced in a statement on Saturday.
The transaction is subject to NBA approval.
"I'm excited to welcome Gabe and Dan as my partners in Hornets Sports & Entertainment," Jordan said in the statement. “"While I will continue to run the Charlotte Hornets, make all decisions related to the team and organization, and remain the team's NBA Governor, Gabe and Dan's investment in the franchise is invaluable, as we continue to modernize, add new technology and strive to compete with the best in the NBA.