Michael Jordan has reached an agreement to sell his majority stake in the Charlotte Hornets to a group led by Gabe Plotkin and Rick Schnall, it was announced Friday.

Jordan will retain a minority ownership stake in the NBA team.

The NBA legend became majority owner of the North Carolina franchise in March 2010, when the team was called the Charlotte Bobcats, and after four years as part of the franchise's ownership group. He was the first former player to become the majority owner of an NBA franchise.

The transaction is subject to the approval of the NBA Board of Governors.

This is a developing story and will be updated.