An agreement to sell the team after 13 years of majority ownership has officially approved by NBA, ESPN's Adrian Wojnarowski reports.
Report: Michael Jordan’s sale of Hornets officially approved by NBA board of governors
Board of governors approve sale of Charlotte Hornets.
Last month, ESPN's NBA insider Adrian Wojnarowski reports Jordan has agreed to sell the team to an ownership group led by Gabe Plotkin and Rick Schnall.
Along with Plotkin and Schnall, the new ownership group includes North Carolina native J. Cole, which the Hornets announced in an official statement on June 16.
On Sunday (July 23), according to ESPN’s Adrian Wojnarowski, Jordan’s 13-year stint as majority owner of the Charlotte Hornets/Bobcats comes to an end with him flipping the franchise he purchased for $275 million for $3 billion.
Jordan will remain on board with a minority stake in the franchise, with Rick Schnall and Gabe Plotkin taking over as the franchise's governors. Schnall had been a minority owner of the Atlanta Hawks, while Plotkin was minority owner of the Hornets.
Dreamville co-founder, Ibrahim Hamad took to his Twitter page to congratulate J. Cole on his achievement. “Official Congrats to my dawg @JColeNC.”