MICHAEL JORDAN - BASKET-NBA-MILWAUKEE-CHARLOTTE
Former NBA star and owner of Charlotte Hornets team Michael Jordan looks on as he addresses a press conference ahead of the NBA basketball match between Milwaukee Bucks and Charlotte Hornets at The AccorHotels Arena in Paris on January 24, 2020. FRANCK FIFE/AFP via Getty Images

Michael Jordan's 13-year run as the majority owner of the Charlotte Hornets officially comes to an end after the NBA's Board of Governors approved the team's sale to a group led by Rick Schnall and Gabe Plotkin, according to Adrian Wojnarowski of ESPN.

The board of governors' vote was 29-1, with New York Knicks owner James Dolan being the only one to say no. The deal is expected to be executed within the next one to two weeks.

While terms of the deal have not been publicized, Forbes has reported that the sale is worth $3 billion. The amount is more than ten times what Jordan paid to acquire a majority stake in the team in 2010.

ESPN reports that the Bulls legend paid $275 million for the controlling stake 13 years ago, while The Charlotte Observer says the figure was $180 million.

No more majority black owners in the league

With the completion of the sale, there is officially no more African American majority owner in the league.

Widely regarded to be the greatest basketball player of all time, Jordan was the first black majority owner and the first former player to have such a stake in an NBA team.

The six-time champion and five-time league MVP will remain a minority owner of the Hornets.

Jordan started his affiliation with the team in 2006, when it was still called the Charlotte Bobcats, buying a minority stake, which turned into a controlling stake four years later.