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 a report from ESPN on Thursday.
Jordan bought his majority stake in the Hornets (then the Charlotte Bobcats) in 2010 for $275 million, which made him the first ex-player to be a majority owner in the NBA and the only Black majority owner in the league — both are true to this day.
Prior to 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 in 14th place in the Eastern Conference with a record of 22-49. The Hornets have made the playoffs twice since Jordan took over as owner, with the last time being in 2016. As of 2022, the Hornets are valued at $1.7 billion, according to Forbes.
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