The sale is pending NBA approval. Terms of the deal have not been released.
Jordan is bringing in Gabe Plotkin, a founder of Melvin Capital, and Daniel Sundheim, a founder of DI Capital, as partners in Hornets Sports & Entertainment, of which Jordan is chairman. He will not be giving up majority control of the team.
Jordan said he 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 is invaluable, as we continue to modernize, add new technology and strive to compete with the best in the NBA," Jordan said. "Both Gabe and Dan are industry standard-setters and proven leaders, with a belief in philanthropy and a passion for the game of basketball.
"They share my commitment to Charlotte and the Carolinas, and I look forward to working with and learning from them."
Plotkin and Sundheim do not have previous ownership experience in a major sports franchise.
Jordan became part owner of the then-Charlotte Bobcats in June 2006. He upgraded his minority share in the team in 2010, when he bought out owner Bob Johnson for $175 million. Forbes valued the Hornets at $1.3 billion in their annual list in February.
The Charlotte franchise is 441-609 (.420 win percentage) since the start of the 2006-07 season, sixth-worst in the NBA in that span, ahead of only the 76ers, Knicks, Nets, Kings and Timberwolves.