JUST IN: Michael Jordan finalizing sale of Charlotte Hornets, per report
Michael Jordan appears ready to move on as majority owner of the Charlotte Hornets.
The NBA legend is finalizing the sale of his majority stake in the Hornets after 13 years as the team’s owner,A group led by Gabe Plotkin and Rick Schnall will purchase Jordan’s stake, Wojnarowski reported. Plotkin is a minority owner of the Hornets and Schnall is a minority owner of the Atlanta Hawks. Daniel Sundheim, who joined Plotkin in buying a significant minority stake in the team from Jordan in 2020, is also reportedly part of the group.
Jordan will remain in charge of the Hornets’ basketball operations through the 2023 NBA Draft and into the start of free agency on July 1, and he is expected to keep a minority stake in the team once the sale is complete, Wojnarowski reported. Feeling out of the loop? We'll catch you up on the Chicago news you need to know. Sign up for the weeklyJordan paid $275 million for the majority stake in the Hornets in 2010. He has been in charge of the franchise since and has been the NBA’s only Black majority owner.Chicago Bulls
, his Hornets teams have struggled immensely. Charlotte has made just two playoff appearances since Jordan became the owner and have failed to reach the second round. The team is in the midst of a seven-season playoff drought and earned a 27-55 record in 2022-23.exactly one month ago. The team had the fourth-best odds of getting the No. 1 pick and a chance to select Victor Wembenyama.
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