(Los Angeles) Michael Jordan, considered the greatest player in NBA history, is in talks to sell his majority stake in the Charlotte Hornets franchise, ESPN reported Thursday.

The 60-year-old former basketball player, owner of the team since 2010, has engaged in “serious negotiations” with a group led by businessmen Gabe Plotkin and Rick Schnall, according to knowledgeable journalist Adrian Wojnarowski .

“The deal isn’t imminent, but there is significant momentum ahead of a sale that would make them the Hornets’ new co-owners,” he added.

Jordan, a former player at North Carolina State University, where Charlotte is located, would retain a minority stake in the franchise if the deal goes through, still according to ESPN.

Plotkin, who is worth around $300 million according to Forbes, is already a minority shareholder in the Hornets, while Schnall owns shares in another NBA franchise, the Atlanta Hawks.

In a study released in October, Forbes ranked the Hornets 27th out of the league’s 30 most valuable teams, worth approximately $1.7 billion.

Jordan paid around $275 million in 2010 to become a majority shareholder, becoming the first former NBA player to own a team.

Under his leadership, the Hornets have had lackluster results so far, with just three appearances in the first round of the playoffs.