Michael Jordan, after 13 years as majority owner, is finalizing the sale of the Charlotte Hornets, according to an ESPN report published Friday.
An agreement to seal the deal is expected to be signed in the coming days, ESPN reported. Pending the NBA’s vetting and approval process, Rick Schnall, a minority owner of the Atlanta Hawks, and Gabe Plotkin, who currently holds a minority stake with the Hornets, will assume the role of governors for the Charlotte Hornets. Schnall purchased the Hawks in 2015 for $850 million.
MICHAEL JORDAN IS SELLING THE HORNETS 🚨 (per @wojespn) pic.twitter.com/34GloBCDne
— Overtime (@overtime) June 16, 2023
While the transition takes place, Jordan will continue to oversee basketball operations until the NBA draft, scheduled for next Thursday, and the start of free agency on July 1. Jordan is still expected to retain a minority ownership position, reported ESPN.
Jordan purchased a majority stake in the Charlotte Hornets in 2010 for $275 million. He previously sold a significant minority stake to Plotkin and Daniel Sundheim in 2020. (RELATED: Kentavious Caldwell-Pope Knocks Down Beers Like Stone Cold, Has Chugging Competition With Fan During Nuggets Parade)
This season for the Hortnets was marked by injuries to key players. They hold the No. 2 pick in the draft.
Before becoming the majority owner of Charlotte’s NBA franchise, Jordan was a six-time NBA champion and five-time MVP. He is considered to be one of the greatest NBA players in history, if not the best.