The AP reports that Knight pleaded no contest to a charge of voluntary manslaughter in the case, which was part of a plea deal he struck with prosecutors.
Knight, wearing an orange jail jumpsuit, entered the plea at Los Angeles Superior Court ahead of his scheduled murder trial.
Prosecutors had said Knight ran down two men in the parking lot of a fast food restaurant in the Los Angeles area of Compton in January 2015.
Knight killed Terry Carter, 55, a Compton, Calif., businessman, and injured a security consultant, Cle Sloan, when he ran over both at a local burger stand.
However today, mere before jury selection was set to begin, Knight agreed to a custodial sentence totalling 28 years in prison. Two separate criminal cases in which he was charged with robbery and making criminal threats will also be dismissed when he is formally sentenced on October 4, prosecutors said. He was accused of stealing a camera from a woman and sending threatening text messages to Straight Outta Compton director F. Gary Gray.
Knight's attorney, Al DeBlanc, first contacted the Los Angeles County district attorney's office about a possible plea deal Wednesday, according to Lillian Carter, the victim's wife.
Knight, 53, was a key player in the gangster rap scene that flourished in the 1990s, and his label once listed Dr. Dre, Tupac Shakur and Snoop Dogg among its artists.
Suge Knight is done fighting the justice system.
Previously, Knight had been sentenced to five years' probation after pleading no contest to assaulting two rappers in 1995.
That scuffle in September 1996 took place hours before Shakur was shot to death in a drive-by attack while riding in a vehicle with Knight after a Mike Tyson boxing match.
Knight was released from prison in April 2001.
Knight had been facing life in prison. Knight was indicted for making criminal threats in August 2014.
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