Michael Jordan agrees to sell majority stake in Hornets for $3 billion after 13 seasons as majority owner

Michael Jordan has agreed to sell his majority stake in the Charlotte Hornets to a group led by Gabe Plotkin and Rick Schnall.
Jordan will retain a minority interest in the franchise after the transaction is approved by the NBA Board of Governors.
The Hornets struggled during Jordan's 13 seasons as majority owner, making the playoffs just twice and never winning a postseason series.
The new ownership group includes rapper J. Cole, country singer Eric Church and several local investors.
The deal values the Hornets at $3 billion, a huge increase from the $275 million Jordan paid for the team in 2010.