CHARLOTTE, North Carolina (AP) — Michael Jordan is finalising a deal to sell the majority share of the Charlotte Hornets, a move that will end his 13-year run overseeing the organisation, the team announced Friday.

Jordan is selling to a group led by Gabe Plotkin and Rick Schnall, the Hornets said. Plotkin has been a minority stakeholder in the Hornets since 2019. Schnall has been a minority owner of the Atlanta Hawks since 2015 and is in the process of selling his investment in that team.

It’s not clear how long the process of selling will take to finalise by the NBA’s Board of Governors. Jordan is expected to keep a stake in the Hornets, the team he bought in 2010 for about $275 million (J$42.4 billion).

“In the same way that it’s wonderful that one of our greatest, Michael Jordan, could become the principal governor of a team, he has the absolute right to sell at the same time,” NBA Commissioner Adam Silver said earlier this month at the NBA Finals. “Values have gone up a lot since he bought that team, so that is his decision.”

The sale price was not immediately announced. The most recent sale of an NBA team came when Mat Ishbia bought the Phoenix Suns, a deal that when struck in December valued that franchise at $4 billion (J$616.9 billion).

Other members of the new potential Hornets ownership group — pending the approval — are recording artist J Cole, Dan Sundheim, Ian Loring, country music singer-songwriter Eric Church, and several local Charlotte investors including Amy Levine Dawson and Damian Mills.