Michael Jordan sells majority stake in Charlotte Hornets

Michael Jordan, the owner of the Charlotte Hornets and one of the most legendary athletes in sports history, has agreed to sell his majority stake in the team to a group led by Gabe Plotkin and Rick Schnall, two private equity investors.

The team as a whole was valued at $3 billion, according to a person familiar with the details of the agreement but not authorized to discuss it publicly. The team did not disclose what percentage of its stake Jordan would sell when announcing the sale, but said he would remain a minority investor. A native of North Carolina, Jordan first bought the team in 2010 for $275 million, when it was known as the Bobcats.

The acquiring group also includes country music star Eric Church and rapper J. Cole, both of whom are from North Carolina.

Jordan won six championships with the Chicago Bulls in the 1990s and is considered by many to be the greatest basketball player ever.