As part of the agreement, Knight has also been absolved in two other cases from 2014.
The 53-year-old, born Marion Knight, was originally charged with murder after he ran over Terry Carter, a hip-hop record label owner, after an altercation in the parking lot of a hamburger restaurant in Compton, Calif. The guilty plea comes while he is sitting in jail awaiting trial for the murder of his former friend, Terry Carter who he ran over with his truck.
The deal, which was presented in Los Angeles County Superior Court on Thursday, puts to bed a murder case that was almost four years in the making.
The plea deal gets in just under the wire for Suge Knight as he was scheduled to being trial on September 24. Sloan has denied he was carrying a gun during the confrontation. He was accused of stealing a camera from a woman and sending threatening text messages to Straight Outta Compton director F. Gary Gray. Reports state Knight did not want to take the plea deal with media present.
Knight, who at the time was out on bail in a robbery case, fled the scene but was later arrested. Knight lost control of the company after it was forced into bankruptcy.
Sloan, who had feuded with Knight for years in a dispute with roots in their Compton gang ties, was likely to have been the trial's key witness, but may have been a hard one for the prosecution.
In 1997, he was sentenced to nine years in prison after violating his probation stemming from an earlier assault charge. In 1997, he was sentenced to jail for violating that probation after participating in an altercation in Las Vegas that culminated hours later in the fatal shooting of Tupac Shakur while he rode in Knight's auto.