He will still oversee operations through the draft and start of free agency. Article also says he will keep a small stake in the team.
https://www.espn.com/nba/story/_/id/37863644/sources-michael-jordan-finalizing-charlotte-hornets-sale
The lead singer is a family friend. Got to see him play a couple of shows in Chicago last year. Really good stuff, but I think the band is on hiatus for a while.