Michael Jordan's NBA ownership tenure is over.

The Hall of Famer agreed on a sale of the Charlotte Hornets to a group led by Hornets minority owner Gabe Plotkin and Atlanta Hawks minority owner Rick Schnall, the team announced Friday. Rapper J. Cole and country music singer-songwriter Eric Church are also a part of the new ownership group.

An agreement is expected to be signed in the coming days with approval from the league. Jordan will reportedly oversee basketball operations during the 2023 NBA Draft on Thursday, where the Hornets have the No. 2 pick, and the start of free agency.

The impending sale of the Hornets is something Charlotte's front office has discussed with the representation for top draft prospects Scoot Henderson and Brandon Miller, according to Yahoo Sports' Jake Fischer, but the team's plan has still been to schedule both prospects' return visit with Jordan on Monday. All signs appear to indicate the Hornets choosing between those two prospects, despite bringing in Amen and Ausar Thompson last week, Fischer reported Thursday.

Jordan also will keep a minority stake in the team. Schnall will sell his minority investment in the Hawks.

The sale ends Jordan's 13-year run as majority owner of the Hornets. He bought a controlling interest in the team from Tom Benson in 2010 for $275 million after he became a part-owner in 2006. During Jordan's time at the helm of the franchise, he changed the name of the team back to the Hornets and became the first former NBA player to become a billionaire.

Despite Jordan's investment and influence, Charlotte has made the postseason only twice since 2010.