Michael Jordan, current chairman of the Charlotte Hornets, is reportedly expected to sell a large portion of his team to two New York-based investors.

According to the Charlotte Observer, MJ is bringing in Gabe Plotkin, a founder of Melvin Capital, and Daniel Sundheim, a founder of DI Capital. Both proposed owners will now need to be approved by the NBA, which that process has already begun and is expected to be finalized soon.

Jordan won't be giving up majority ownership though and will remain as the chairman of the Charlotte-based franchise. Additional details including buying prices and ownership percentages for both Plotkin and Sundheim have yet to be revealed. In February, Forbes estimated that the Hornets were valued at about $1.3 billion.

“While I will continue to run the Charlotte Hornets, make all decisions related to the team and organization, and remain the team’s NBA Governor, Gabe and Dan’s investment in the team is invaluable,” says Jordan. “Gabe and Dan are industry standard-setters and proven leaders, with a belief in philanthropy and a passion for basketball. They share my commitment to Charlotte and the Carolinas.”

In related news, Jordan is expected to make an estimated $130 million this year after Jordan Brand netted $3.14 billion in revenue this fiscal year.