The NBA board of governors has approved Michael Jordan’s $3 bιllιon sale of the Charlotte Hornets, the team said on Thursday.

The Basketball Hall of Famer has retained a minority ownership share in the team, and former minority owner Gabe Plotkin has joined Rick Schnall at the top of the club’s new ownership hierarchy. Schnall will take the reins as governor of Hornets Sports & Entertainment for the first of what will be five-year terms.

Due to this deal, the NBA no longer has any African-American club governors, ending Jordan’s 13-year stint as majority owner. He and his wife, Yvette Prieto, just returned from a Mediterranean cruise to mark the occasion.

Both Plotkin and Schnall expressed gratitude to Michael for providing them with this chance and for his continued support throughout the project. During his tenure as owner, the Hornets franchise became more secure, numerous business milestones were reached, ties to the Charlotte community were mended, and the team is now set up for future success. We plan to expand on this achievement in the years to come.

Hornets point player LaMelo Ball dealt with ankle problems for much of the season, contributing to the team’s dismal 27-55 record. With the second overall pick in the 2023 NBA Draft, the club selected Brandon Miller from Alabama, giving head coach Steve Clifford two promising young players to develop.

Forbes’ current valuation of the Hornets places them at $1.7 bιllιon, good for 27th among NBA clubs and an increase of $1.3 bιllιon over the last decade.

However, Jordan’s success as a player, which included six NBA titles and five Most Valuable Player honors, has not translated to ownership. During his tenure, Charlotte has been one of the league’s weakest teams.

Jordan’s term as Hornets owner has largely forgettable other than the 2015 rebranding from the Bobcats to the Hornets.

Since Jordan took over as primary owner, Charlotte has only seen three winning seasons and two trips to the playoffs.