The new ownership group is said to include Hornets minority owner Gabe Plotkin and Atlanta Hawks minority owner Rick Schnall.
According to sources close to the situation, if Jordan sells the team, he would remain with the Hornets as a minority owner.
In 2006, Jordan became a minority investor in the team when they were known as the Charlotte Bobcats. He took over as majority owner from BET founder Bob Johnson after paying $275 million for the franchise in 2010.
Although Jordan is still regarded as one of the greatest players in NBA history, he has not found the same level of success as a team owner. During his tenure as owner, the Hornets have posted a record of 418-600 with only four winning seasons. The Hornets have only made the playoffs twice, with the last time being in 2016. Also, the team has missed on several draft prospects and has had five different coaches over 13 years.
According to Forbes, the Hornets are worth approximately $1.7 billion
Currently, Jordan is the only Black majority owner of an NBA franchise.