Basketball icon Michael Jordan has officially reached an agreement to sell his majority stake in the Charlotte Hornets, bringing an end to his 13-year tenure as the team’s owner.

Hornets Sports & Entertainment confirmed the sale on June 16, revealing that Jordan had reached an agreement with a group led by Gabe Plotkin and Rick Schnall.

Plotkin, who acquired a minority stake in the team in 2019, is the founder and chief investment officer of Tallwoods Capital LLC.

Schnall, on the other hand, is co-president of Clayton, Dubilier & Rice LLC and has been a significant minority owner of the Atlanta Hawks.

The sale is pending approval from the NBA Board of Governors. Despite the sale, Jordan is expected to maintain a minority stake in the Hornets.