After more than a decade as the controlling owner of the Charlotte Hornets, Michael Jordan has reportedly reached an agreement to sell most of his stake in the franchise.
Sources told ESPN’s Adrian Wojnarowski on Friday that Jordan is expected to finalize a sale of the Hornets to a group led by Gabe Plotkin and Rick Schnall for a valuation of roughly $3 billion. Plotkin purchased a minority stake in the Hornets in 2020. Schnall is a minority owner with the Atlanta Hawks.
Jordan will continue to oversee basketball operations in Charlotte through next Thursday’s NBA Draft and free agency, which officially begins on July 1. The six-time NBA champion is also expected to maintain a minority stake in the Hornets after the sale is complete.
Jordan initially bought a minority stake in the then-Charlotte Bobcats in 2006. He paid $275 million to purchase a majority stake in the team in 2010.
The 60-year-old Jordan has been very visible with the franchise and is expected to maintain a presence going forward, according to Wojnarowski.
The Hornets have made the playoffs just three times during Jordan’s ownership and have yet to advance past the first round. They finished 27-55 this season and hold the No. 2 overall pick in the draft.
There were indications earlier this year that the Hornets might be having issues on the business side of things.
