Michael Jordan is selling his majority stake in the Charlotte Hornets.
Hornets minority owner Gabe Plotkin and Atlanta Hawks minority owner Rick Schnall — linked to the franchise’s potential purchase earlier this year — reached an agreement on a deal to purchase the club Jordan has owned for 13 years on Friday.
The Hornets are valued at $1.7 billion.
The sale, expected to be finalized in days, would leave the NBA without a Black controlling owner.
The news also marks the third time in less than five weeks that Canadian businessman Steve Apostolopoulos has lost out on a pro sports team.
The last NBA franchise to hit the market — the Phoenix Suns — was sold to Mat Ishbia in a deal that valued the franchise at $4 billion last year.
Jordan paid $275 million for the Hornets in 2010 and is expected to keep a minority stake in the club.