CHARLOTTE, North Carolina: The NBA Board of Governors has given its seal of approval to the sale of the Charlotte Hornets by Michael Jordan to an ownership group led by Gabe Plotkin and Rick Schnall, as disclosed by a reliable source.

The insider, who requested anonymity due to the pending official announcement in about a week, revealed that the decision concludes Michael Jordan’s 13-year tenure as the majority owner of the franchise. Nonetheless, he will retain a minority ownership stake.

The agreement for the team’s sale was reached on June 16, but the final step was obtaining the consent of the NBA’s Board of Governors, as required when an owner decides to sell a franchise. (Sourced online/AI/MNM)