Michael Jordan has agreed to sell his majority stake in the NBA's Charlotte Hornets, the basketball team announced.
Details of the deal have not been disclosed, but ESPN report the Hornets are worth an estimated $3bn (£2bn).
When the sale concludes, it will bring an end to Jordan's 13-year run as the Hornets' majority owner.
Jordan, who is currently the only black majority team owner in the NBA, will keep a minority stake after the sale to a group of investors.
The group is led by financiers Gabe Plotkin, a current minority owner, and Rick Schnall, a minority owner of the Atlanta Hawks.