Michael Jordan’s days as the majority owner of the Charlotte Hornets are truly finished.

The NBA’s board of governors has approved Jordan’s sale of a majority stake in the franchise to Rick Schnall and Gabe Plotkin, league sources confirmed to the Observer on Sunday. The move, which was expected to be finalized this week, comes a little more than a month after the team initially announced Jordan was indeed selling a chunk of the team to Schnall and Plotkin.

With Jordan now a minority owner, it ends his tenure as the Hornets’ main decision-maker. Jordan paid Bob Johnson roughly $180 million in 2010 to take majority control of the expansion franchise, acquiring roughly 65% of the team’s equity from Johnson.

But now Jordan is giving way to a new ownership group that features rapper J. Cole and country music singer-songwriter Eric Church. Dan Sundheim, Chris Shumway, Ian Loring, Dyal HomeCourt Partners, Amy Levine Dawson and Damian Mills are also a part of it.

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