According to sources within the NBA, Michael Jordan has agreed to sell his majority stake in the Charlotte Hornets for an estimated $3 billion to a group led by Gabe Plotkin and Rick Schnall. The sale will bring an end to Jordan’s tenure as the majority owner of the team he purchased back in 2010.
New ownership to take control following NBA approval
Once the NBA completes its vetting and approval process, Plotkin and Schnall will become the new governors of the franchise. Schnall is currently a minority owner of the Atlanta Hawks while Plotkin is a minority owner of the Hornets.
Jordan to remain involved with the team
Although Jordan will no longer be the majority owner of the team, he will retain a minority stake and maintain a presence with the Hornets. Jordan will oversee basketball operations until Thursday’s NBA draft and the start of free agency on July 1.
The greatest player in NBA history
Jordan is widely considered to be the greatest player in the history of the game, having won six NBA championships and being named the league’s Most Valuable Player five times. He was also the league’s only Black majority owner. Jordan originally paid $275 million for a majority stake in the Hornets back in 2010.
The sale of the Hornets marks a significant milestone in the history of the NBA, as Jordan has been a prominent figure in the league since his playing days. The new ownership group will take control of the team following the NBA’s approval of the sale. The Hornets will hold the No. 2 pick in this year’s NBA draft after a disappointing 27-55 season riddled with injuries to many of the team’s top players.