Charlotte Hornets owner Michael Jordan is in “serious talks” to sell his majority stake in the team to a group led by Hornets minority owner Gabe Plotkin and Atlanta Hawks minority owner Rick Schnall, according to an ESPN report this Thursday.
Jordan bought his majority stake in the Hornets (then the Charlotte Bobcats) in 2010 for $275 million, making him the first former player to become a majority owner in the NBA and the league’s only black majority owner ; both are faithful to this day.
Before taking control of the team in 2010, he served as a minority owner with the final say on basketball decisions for four years. According to ESPN, Jordan plans to keep a minority stake in the team.
The Hornets are currently 14th in the Eastern Conference with a 22-49 record. The Hornets have made the playoffs twice since Jordan took over as owner, the last time in 2016. As of 2022, the Hornets are valued at $1.7 billion, according to Forbes.
More NBA from FOX Sports:
Get more from the National Basketball Association Follow your favorites for information on games, news and more