Michael Jordan’s sale of a majority stake in the Charlotte Hornets to a group led by Rick Schnall and Gabe Plotkin has been finalized, it was announced Thursday.

“I’m thrilled to be able to pass the reins to two successful, innovative and strategic leaders in Gabe and Rick,” Jordan said in a statement issued Thursday. “I know the Hornets organization is in great hands moving forward. I’m excited about the future of the team and will continue to support the organization and the community in my new role in the years ahead.”

Jordan, whose run as majority owner ends after 13 years, will continue to hold a minority stake in the team. The purchase was made at an approximate $3 billion valuation; Jordan paid $275 million for a majority stake in the franchise in 2010.

The NBA’s board of governors approved the new ownership group last month with a 29-1 vote, sources told ESPN’s Adrian Wojnarowski.

Schnall, who had been a minority owner with the Atlanta Hawks, and Plotkin, a minority owner with the Hornets, will serve as co-chairmen of HSE and will rotate the team’s governorship every five years, beginning with Schnall.

They will be introduced at a news conference at 1 p.m. ET.

“We want to thank Michael for this opportunity, as well as his support throughout this process,” Plotkin and Schnall said in a combined statement. “During his ownership, he brought stability to the Hornets franchise, achieved many business milestones, reconnected and reinvested in the Charlotte community and has the organization positioned for greater success. We look forward to building upon this success in the years to come.