The NBA's Charlotte Hornets have revealed that Michael Jordan has consented to sell his majority ownership.
The specifics of the transaction are unknown, but according to ESPN, the Hornets are worth an estimated $3 billion (£2 billion).
Jordan's 13-year tenure as the majority owner of the Hornets will come to an end after the sale is completed.
Jordan, who currently owns the only majority-black team in the NBA, will retain a small stake following the sale to a group of investors.
Financers Rick Schnall, a minority owner of the Atlanta Hawks, and Gabe Plotkin, a current minority owner, are in charge of the group.
But it has been revealed that Mr. Schnall will sell his Hawks ownership.
Jermaine Cole, better known by his stage name J, is another investor. Cole and the singer Eric Church of country music.
Six-time NBA champion and five-time MVP Michael Jordan is widely regarded as the best player in NBA history.
He is also the only majority-black owner in the league after spending $275 million in 2010 to purchase the Charlotte Hornets.
He was formerly a minority owner of the basketball team Washington Wizards.
The NBA's commissioner, Adam Silver, has spoken about the need for greater diversity among the league's owners, who are predominately white men.
CBS, the BBC's US media partner, claims that Mr. Silver alluded to the possibility of Jordan joining the NBA's governing board during a press conference earlier in June.
There aren't many non-white owners in the four major US sports leagues, including Shad Khan from Pakistan and Kim Pegula, the principal owner of the NFL's Buffalo Bills and an Asian woman.
The MLB Los Angeles Angels are owned by Mexican Americans Arte Moreno and Sheila Johnson, who is also a part-owner of the NBA's Washington Wizards and the NHL's Washington Capitals.