Michael Jordan has agreed to sell his majority stake of the Charlotte Hornets to a group led by Gabe Plotkin and Rick Schnall for about $3 billion, according to ESPN.

Plotkin is a minority owner of the Hornets and Schnall a minority owner with the Atlanta Hawks before the deal is approved by the league. Jordan will continue to run the team's operations of basketball, including the coming NBA Draft, until July 1. After that, he will still keep a minority stake and a presence with the team.

Jordan paid $275 million to buy the majority stake of the Hornets in 2010 and has been the NBA's only African American majority team owner since then. The team made playoffs twice in the 13 seasons under Jordan and lost in the Eastern Conference first-round series on both occasions.

The Hornets won only 27 games in the 2022-23 campaign, the fourth-worst after that of the Detroit Pistons (17), the San Antonio Spurs (22) and the Houston Rockets (22). As the benefit of their poor performance, the Hornets received the second-overall pick for this year's NBA Draft on June 22. They also have the No. 27, 34, 39 and 41 picks to select rookies.

Though Jordan is arguably the greatest player of all time in NBA history, he has not been a good decision-maker in drafting players. The Hornets had more and better chances than many teams to select promising young men on the draft night to improve their lineup, but Jordan's choices were often poorly-judged.

For example, the Hornets selected Michael Kidd-Gilchrist with the No. 2 pick in 2012. The undersized forward from the University of Kentucky played nine seasons in the league and averaged only 8.4 points and 5.4 rebounds per game. He was an okay defender in a couple of years, but likely more deeply impressed people with his strange shooting form.

In 2013, the Hornets drafted Cody Zeller with the fourth-overall pick. As a 2.11-meter-tall big man, he only had 8.4 points and 5.9 rebounds per game in his career. Neither is he an efficient finisher next to the rim or able to stretch the floor from the outside. Zeller played for the Miami Heat last season. Whenever he was sent to the court during the NBA Finals against the Denver Nuggets, the Heat fell apart almost immediately.

The Hornets selected Noah Vonleh with the No. 9 pick in 2014. He has played for eight different teams in the eight seasons in the NBA, starting over half of his appearances in only three seasons. Having averaged 4.7 points per game in his career, Vonleh was traded by the Boston Celtics to the Spurs in January and then immediately waived.

In 2015, the Hornets selected Frank Kaminsky with the ninth-overall pick. As a supposedly "spacing center," he made only one 3-pointer at 43.9 percent per game in his career. As a seven-footer, he never had one season during which he could reach five rebounds per game. He only played in 36 games for two teams, including the tanking Rockets, in the 2022-23 season.

In 2018, the Hornets drafted Shai Gilgeous-Alexander (SGA) with the No. 11 pick. He grew to become one of the most dominant guards in the past two years, averaging 31.4 points and 5.5 assists per game and being selected into the All-NBA First Team last season. However, SGA was traded to Los Angeles Clippers on the night he was drafted in exchange for the pick that ended becoming Miles Bridges. The Hornets extended him a qualifying offer in summer 2022. In April, he was suspended for 30 games due to a domestic violence incident involving his wife and two of their children.

In 2021, the Hornets selected James Bouknight with the 11th-overall pick. The 1.96-meter-tall guard started none of his 65 games for the team in the past two season while averaging only 5.1 points, one assist and 0.8 triple at 30.3 percent per game.