Knight and Cle "Bone" Sloan, a consultant on the N.W.A biopic "Straight Outta Compton", were involved in the fistfight which ended up with Knight clipping Mr Sloan with his pickup track.
Knight has reportedly been experiencing health issues in recent years and told the judge he expects to die in prison.
The deadly confrontation occurred on January 29, 2015, outside a hamburger stand in the Los Angeles suburb of Compton, following a heated argument on the set of a commercial for the film "Straight Outta Compton". Knight claimed that he unintentionally ran over Carter and hit another man while trying to escape because he thought the men were going to shoot him. He took the plea deal days before his trial was scheduled to begin.
The murder case against Suge Knight has ended, with the former Death Row mogul set to serve twenty-eight years in prison.
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The victims and their assailant were rushed to a hospital, where one of the girls was listed in serious condition. Local reports said that police found three infants, two girls and a boy, in the home with knife injuries.
The plea deal struck in a downtown Los Angeles courtroom calls for Knight, 53, to serve 28 years in state prison. Sloan has denied he was carrying a gun during the confrontation. Knight initially pleaded not guilty, saying that he acted in self-defense and was fleeing armed attackers when he ran over Carter and Sloan.
Two other criminal cases against Knight will be dismissed at sentencing.
Knight co-founded Death Row Records with the pioneering producer Dr Dre in the 1990s, but later declared bankruptcy and the company was sold at auction for $24m (£16.7m). The 28 years sentence is extraordinarily stiff for a guilty plea for manslaughter.
Knight will be formally sentenced on October 4.