The $3 billion Charlotte Hornets sale by Michael Jordan to minority owner Gabe Plotkin has been APPROVED.

The NBA board of governors has approved Michael Jordan’s $3 bιllion sale of the Charlotte Hornets to a company managed by Rick Schnall and Gabe Plotkin, a source with knowledge of the transaction told.

Jordan will keep a small ownership position in the team when the sale is completed, which is anticipated to happen in the coming weeks.

ESPN broke the news of the sale’s approval first. The earliest rυmors about Jordan selling the team to Plotkin and Schnall surfaced back in March.

For $275 million, Jordan acquired the controlling ownership of the NBA franchise in his native state in 2010. The Hornets are now valued by Forbes at $1.7 bιllion, ranking 27th among NBA teams and representing an increase of $1.3 bιllion over the previous ten years.

Jordan, who is now the only African-American owner in the NBA, is widely regarded as the best player the NBA has ever produced. However, Jordan’s success as a player, which included six NBA titles and five MVP awards, did not convert into success as an owner. During his tenure as coach, Charlotte has consistently been one of the weakest teams in the league.

It hasn’t been particularly noteworthy for Jordan to own the Hornets, except from the name change from the Bobcats to the Hornets in 2015.

Since Jordan became the team’s majority owner, Charlotte has only had three winning seasons and two appearances in the postseason. LaMelo Ball, a teenage point guard with exceptional talent, and Brandon Miller, a rookie and the No. 2 overall choice, give the franchise some optimism for the future. Nick Smith Jr. was also selected by Charlotte later in the first round of this year’s draft.

It is unclear when the Hornets’ individual pieces will be ready to play together because Ball is still recovering from surgery on his broken ankle that was performed on March 1.

Miles Bridges, a restricted free agent who spent last season dealing with legal concerns related to a domestic abuse case, is also expected to rejoin the Hornets this season.

Before he can return to the court in a Hornets uniform, Bridges must serve a 10-game suspension to start the season.