Sources said the NBA Board of Regents approves the sale of the Hornets

The sources said the board voted 29-1 to approve the sale — with New York Knicks owner James Dolan recording the only vote against it.

The sources said the completed sale of the team — which was purchased for an approximate $3 billion price — will be executed in the next week or two.

Schnall, who was a minority owner with the Atlanta Hawks, and Plotkin, a minority owner with the Hornets, would become franchise referees. Jordan will retain a minority stake in the concession.

Jordan, a six-time NBA champion and five-time MVP, is widely considered the greatest player in the history of the game and was the only majority-black player in the league. Jordan paid $275 million for a majority stake in the franchise in 2010.

Jordan previously sold a significant minority stake to Plotkin, founder and chief investment officer at Melvin Capital, and Daniel Sondheim, founder and chief investment officer at D1 Capital, in 2020. Sources said Sondheim is part of the existing group buying the Hornets.

Schnall, co-chairman of the New York-based private equity firm Clayton, Dubilier & Rice, was part of a group (including majority owner Tony Ressler and Grant Hill) that bought the Atlanta Hawks in 2015 for $850 million.

After a 27-55 injury-plagued season for most of the team’s senior players, the Hornets selected Alabama’s Brandon Miller with the No. 2 pick in the June NBA Draft.