Hornets majority owner George Shinn is negotiating to sell his stake in the team to Louisiana businessman Gary Chouest, according to a person familiar with the situation.
Chouest has owned 25 percent of the team since 2007.
The businessman is expected to pay about $200 million for Shinn's remaining shares, the source added.
Shinn has been either the sole or majority owner of the Hornets since the club's inception in Charlotte in 1988.