Michael Jordan no longer owns a controlling majority stake in the Charlotte Hornets franchise, having officially stepped down as the principal governor of the team. After leading the organization for thirteen years as the majority owner, he finalized an agreement to sell his controlling interest to a new ownership group spearheaded by Gabe Plotkin and Rick Schnall. However, he did not completely sever his ties with the team; he chose to retain a small minority ownership percentage. This means he maintains a minor financial interest in the franchise, but he no longer directs day-to-day basketball operations or corporate governance.