Michael Jordan’s tenure as a majority owner in the NBA appears to be moving toward an end.
Jordan is in talks to sell a majority stake in the Charlotte Hornets, according to Adrian Wojnarowski of ESPN. Hornets minority owner Gabe Plotkin and Atlanta Hawks minority owner Rick Schnall are reportedly leading the group to purchase the team from Jordan.
ESPN Sources: Charlotte Hornets owner Michael Jordan is engaged in serious talks to sell a majority stake in the franchise to a group led by Hornets minority owner Gabe Plotkin and Atlanta Hawks minority owner Rick Schnall. pic.twitter.com/jg03W25s49
— Adrian Wojnarowski (@wojespn) March 16, 2023
Wojnarowski added that Jordan would likely retain a minority stake in the franchise if the current talks are successfully completed.
Jordan initially bought a minority stake in the then-Charlotte Bobcats in 2006. He acquired majority ownership in 2010, and has held that role since.
The Hornets have found little success during Jordan’s tenure as majority owner. They have made the playoffs just three times and have yet to advance out of the first round. This year’s team is just 22-49 and bound for the draft lottery. There have been some worrying signs on the business side of things as well.
