Michael Jordan has agreed to sell a large piece of the Charlotte Hornets to two New York-based investors, a sale expected to close in the next few weeks that was first reported by the Observer.
A source familiar with the deal said it does not involve the former NBA Most Valuable Player giving up majority ownership of the NBA franchise. Jordan controls about 97 percent of Hornets equity, two sources confirmed.
This move comes after Jordan lost his best player, Kemba Walker, to free agency when the point guard signed with the Boston Celtics. The Hornets finished last season with a 39-43 record, just missing the final spot in the playoffs.