Who is the new owner Charlotte Hornets to replace Michael Jordan?

Michael Jordan sold a majority stake in the Charlotte Hornets to a group of investors led by Rick Schnall and Gabe Plotkin.

"I am delighted to be able to give ownership to two successful, creative and strategic investors, Gabe and Rick," Jordan said. "I know the Hornets are in the hands of very good investors. I am very excited about the future of the team and will continue to support the team in the years to come."

Jordan ends 13 years of ownership of the Charlotte Hornets, but will continue to hold a minority stake in the team. The deal was made at a valuation of approximately $3 billion. In 2010, Jordan paid $275 million for a majority stake in the club.

The NBA Leadership Council completely agreed with the deal, with only 1 vote against and 29 votes in favor.

Schnall used to hold a small stake in the Atlanta Hawks, while Plotkin was a shareholder in the Hornets for a long time. The duo will alternate as chairman of the board, every five years, starting with Schnall.

"We want to thank Michael for this opportunity, as well as for his support throughout this process," said Rick Schnall. "Over the years, Michael Jordan has brought stability to this team, achieved many business milestones and reinvested in the Charlotte community."

The new owners say their vision is to take the Hornets to the "next level", both on and off the field.

"We will be looking to build a highly competitive team, grow our businesses, give back to our community and connect with our fans," said Gabe Plotkin.

"We plan to invest further in the team, facilities, and fan experience, with the goal of bringing winners to fans across the state of Carolina. We believe that the foundation of the business. Our successful business and previous experience will help the team go even further."