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Michael Jordan is finalizing a deal to sell his majority stake in the Charlotte Hornets, according to a report from ESPN’s Adrian Wojnarowski. Jordan is selling the team to an ownership group led by Gabe Plotkin and Rick Schnall.
Jordan bought a minority stake in the Charlotte Bobcats in 2006 before becoming the majority team owner in 2010.
BREAKING: Michael Jordan is finalizing a sale of the Charlotte Hornets to a group led by Gabe Plotkin and Rick Schnall, ending his 13-year run as majority owner, league sources told ESPN on Friday. pic.twitter.com/5TonSrIQhF
— Adrian Wojnarowski (@wojespn) June 16, 2023
When Jordan purchased the majority stake he shelled out $180 million. 13 years later, the franchise is worth a whopping $1.77 billion, according to reports.
BREAKING: Michael Jordan is officially selling the Charlotte Hornets, per @wojespn.
MJ bought the team for $180 million in 2010, and the franchise is now worth $1.77 billion.
He was the NBA's only Black majority owner. pic.twitter.com/5K57hEw3Ca
— Joe Pompliano (@JoePompliano) June 16, 2023
Despite selling his majority stake in the team, Jordan will remain a minority owner as part of the deal.
During his time as owner of the team, the name changed from the Bobcats back to the Hornets, and made the playoffs three times. The team failed to advance past the first round, however.
Unfortunately for the Hornets, there have been struggles in recent years. The team has not reached the postseason since 2016 and has a losing record in seven of the last eight seasons.
