Michael Jordan's time as majority owner of the Charlotte Hornets appears to be officially over, now that the NBA's board of governors reportedly approved the sale of the organization to a group led by Rick Schnall and Hornets minority owner Gabe Plotkin.

The vote to end six-time NBA champion Michael Jordan's 13-year tenure as majority owner was 29-1, with New York Knicks team owner James Dolan being the only objector, according to ESPN's Adrian Wojnarowski. The purchase, at an approximate $3 billion valuation, is expected to be finalized within two weeks.

Jordan agreed to a deal to sell controlling ownership to Plotkin and Schnall last month. Rapper J. Cole and country music singer-songwriter Eric Church are also a part of the new ownership group.

Schnall is co-president of the private equity firm of Clayton, Dubilier & Rice in New York. He was part of a group that purchased the Atlanta Hawks in 2015 for $850 million, though he will no longer be a minority owner of the Hawks as part of this deal. Daniel Sundheim, founder and chief investment officer of D1 Capital, purchased some stake in the team from Jordan in 2020. He is also part of the new ownership group, according to the report.

Jordan became the league's only Black majority owner when he paid $275 million for a majority stake in the team in 2010. He will still keep a minority stake in the organization and possibly some influence, as the team reportedly deferred to his judgment in selecting Alabama's Brandon Miller with the No. 2 pick in the NBA Draft in June, which took place after the agreement to sell the team had been announced.

It's unclear why Dolan, 68, would vote against the sale. The Madison Square Garden Entertainment Corporation chief executive most recently made headlines for defending the controversial use of facial recognition at its venues in February. The New York attorney general even penned a letter against the practice, which was being used to identify and remove individuals associated with litigation against Madison Square Garden.

Larry Hutcher, a Knicks season ticket holder and attorney, was banned from entering all venues owned by MSG due to his firm representing ticket resellers in a lawsuit against the corporation. Dolan is "known for being petty," Hutcher said after receiving a mailed notice of the ban.

With the sale completed despite Dolan's vote against it, the Hornets will continue the effort to improve on its 27-55 record last season.