Michael Jordan Selling His Majority Share In Charlotte Hornets

Michael Jordan’s NBA ownership tenure is over.

The Charlotte Hornets announced on Friday that the Hall of Famer has agreed to sell the franchise to a consortium led by Hornets minority owner Gabe Plotkin and Atlanta Hawks minority owner Rick Schnall. The new ownership group also includes country music singer-songwriter Eric Church and rapper J. Cole.

Michael Jordan Selling His Majority Share In Charlotte Hornets

According to league insiders, Michael Jordan has agreed to sell his controlling interest in the Charlotte Hornets to a consortium managed by Gabe Plotkin and Rick Schnall for about $3 billion. Jordan’s 13-year reign as primary owner comes to an end with the purchase.

It’s anticipated that a deal will soon be finalized with the league’s blessing. According to reports, Jordan will be in charge of basketball operations on Thursday for the 2023 NBA Draft, where the Hornets hold the No. 2 selection, and the beginning of free agency.

According to the article, the new owners will assume over when the NBA has finished its due diligence.

Jordan, who grew up in North Carolina, owned the business for 13 years and will continue to be a minority owner.

Plotkin was the head of Melvin Capital, a hedge firm that folded after losing a ton of money shorting GameStop during the meme stock fad.

Jordan’s 13-year tenure as the Hornets’ main owner comes to an end with the sale. After becoming a co-owner in 2006, he acquired a majority stake in the franchise from George Shinn in 2010 for $275 million. Six-time NBA champion and five-time MVP Michael Jordan is widely regarded as the best player in the sport’s history and has been the only Black majority owner in the league.

Jordan became the first ex-NBA player to become a billionaire during his tenure as the club’s owner and changed the name of the team back to the Hornets.

Jordan was initially mentioned as being in “serious talks” to sell Plotkin and Schnall a controlling ownership in the Hornets back in March.

The Hornets had the second-worst record in the NBA’s Eastern Conference last season, going 27-55.

Despite entering the play-in tournament last season as the 10th seed in the conference, they have missed the playoffs for seven straight years and have never won a postseason round in Jordan’s 13 years as owner.

 

FOR MORE SPORTS COVERAGE- 

Colorado Coach Deion Sanders Might Have To Get His Foot Amputated