Michael Jordan has written an emotional open letter to Charlotte Hornets fans after selling his majority stake in the team for $3billion.

The 60-year-old Jordan said it is time for him to focus on other interests in his life but insists his love of basketball remains as solid as ever.

‘Now is the right time for me to hand over the reins and focus on my family, my personal interests and some new challenges,’ Jordan said. ‘I’m excited to see what the future holds, and I look forward to supporting the team and the community in my new role for many years to come.

‘This is a Thank You, not a goodbye, because the state of North Carolina, the city of Charlotte and the Hornets will always have a special place in my heart.’

The Basketball Hall of Famer maintains a minority stake of the team, while former minority owner Gabe Plotkin joins Rick Schnall atop the club’s new ownership hierarchy.

Copy link to paste in your message

The 60-year-old Jordan spoke of his pride at being owner of the Hornets for 13 years

The sale ends Jordan’s 13-year run as majority owner, and leaves the NBA without any African-American team governors.

‘Thirteen years ago, I had the honor of becoming the majority owner of the Charlotte Hornets. The chance to own the NBA franchise in my home state and a city I love was truly a dream come true,’ Jordan wrote.

‘As Gabe Plotkin and Rick Schnall, and their ownership group, now take a controlling stake in the team, and I transition to becoming a minority owner, I want to say Thank You to Hornets fans for all the love and dedication you’ve shown the franchise and to me over the years.

‘We’ve had some unforgettable moments together, as well as a few challenging ones, but through it all, you’ve remained committed to us.

‘Although we were not as successful on the court as I – and many of you – would have liked, I am proud of the things that we accomplished as an organization.

‘I will never forget the excitement when we brought the Hornets name back to its rightful home in Charlotte, uniting the histories and fanbases of both the original Hornets and the Bobcats.

‘Our fans told us how important this was, and the amazing level of support and enthusiasm proved their point.’

The Hornets are currently valued by Forbes at $1.7 billion – 27th among NBA teams, and a $1.3 billion improvement over the last decade.

Copy link to paste in your message

Jordan will now have a minority stake in the team but steps back as the main owner

But the success Jordan enjoyed over six NBA championships and five MVP awards has failed to translate into success as an owner. Charlotte has been one of the league’s worst performing teams throughout his time in charge.

Outside of the name change from the Bobcats to the Hornets in 2015, Jordan’s tenure as Hornets owner has been anything but memorable.

Charlotte has enjoyed just three winning seasons and only two playoff berths since Jordan became majority owner.

‘Together we brought pride to our community, created countless unforgettable memories for families and friends who cheered us on and served those in need,’ Jordan said.

‘This is a Thank You, not a goodbye, because the state of North Carolina, the city of Charlotte and the Hornets will always have a special place in my heart.’