Michael Jordan sold the NBA club he bought for US$275 for US$3 billion after 13 years.

Basketball legend Michael Jordan’s 13-year run as majority owner of the Charlotte Hornets is set to come to an end as the NBA board of Governors approved an ownership shakeup, ESPN reported.

Jordan will remain on board with a minority stake in the franchise, with Rick Schnall and Gabe Plotkin taking over as the franchise’s governors. Schnall had been a minority owner of the Atlanta Hawks, while Plotkin was a minority owner of the Hornets.

Jordan, a six-time NBA champion and five-time MVP, became the majority of owners of the Hornets in 2010 when he paid US$275 million. When the current sale of the Hornets officially is executed at some point next month, it will come at a price tag of US$3 billion.

Jordan grew up in Wilmington, N.C., and attended North Carolina where he helped the Tar Heels to the 1982 NCAA title as a freshman. He played 13 seasons with the Chicago Bulls after he was the No. 3 overall draft pick in 1984 and played his final two seasons with the Washington Wizards after a three-year retirement.