According to sources, the NBA Board of Governors has reportedly approved Michael Jordan’s sale of his majority stake in the Charlotte Hornets to an ownership group led by Rick Schnall and Gabe Plotkin.

ESPN reports that the board voted 29-1 to approve the transaction. This also brings good news to J. Cole, country singer Eric Church, Dan Sundheim, Chris Shumway, Ian Loring, Dyal HomeCourt Partners, Amy Levine Dawson and Damian Mills, who are a part of the ownership group.

“[Michael Jordan] always looked to be a hands-on owner,” ESPN commentator Jeff Van Gundy mentioned, per NBA. “I know he has the fishing and the auto racing that he’s involved in, but I still didn’t expect him to get out of the NBA. And yet he looks like he is going to make a tidy profit, so good for him.”

Jordan is set to pocket $3 billion once the deal is completed in the next week or two, sources say.

This will mark a significant payday for Jordan. As AfroTech previously mentioned, he  reportedly purchased the NBA franchise in 2010 for $275 million, per ESPN, while The Charlotte Observer stated it was $180 million.

He became the only Black majority owner of an NBA team. Jordan, a six-time NBA champion and five-time MVP, looked at the opportunity as an important goal post to reach following his NBA career.

“Purchasing the Bobcats [now the Hornets] is the culmination of my post-playing career goal of becoming the majority owner of an NBA franchise,” Jordan explained at the time, according to Bleacher Report. “I am especially pleased to have the opportunity to build a winning team in my home state of North Carolina.”

Jordan’s departure will not strip his involvement from the team entirely, as he will still maintain minority ownership, according to The Charlotte Observer.