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Michael Jordan Selling NBA Team Stake

FILE: Charlotte Bobcats owner Michael Jordan speaks to fans before unveiling the new Charlotte Hornets logo during a ceremony at an NBA basketball game between the then-Charlotte "Bobcats" and the Utah Jazz in Charlotte, N.C., on Sat. Dec. 21, 2013.

NEW YORK — Basketball legend Michael Jordan will sell his majority stake in NBA's Charlotte Hornets to an investment consortium, the team announced Friday.

The buyer group is led by Gabe Plotkin, chief investment officer at Tallwoods Capital LLC and Rick Schnall, co-president of private equity firm Clayton, Dubilier & Rice.

The group also includes musicians J.Cole and Eric Church, said a press release from Hornets Sports & Entertainment that did not disclose financial terms.

Jordan renamed the team the "Hornets" from its previous "Bobcats" moniker when he re-imaged team ten years ago when he took his majority owner's stake.