Michael Jordan is set to sell a "large piece" of the Charlotte Hornets to two New York-based investors, according to Rick Bonnell of The Charlotte Observer.
Jordan, who currently owns 97% of the team, will retain majority ownership.
Bonnell adds that the league is expected to quickly approve of Gabe Plotkin and Daniel Sundheim as minority owners.
Forbes estimated that the Hornets were worth $1.3 billion.
Sources close to Jordan add that he plans to own the Hornets "for a long time."