Charlotte Hornets owner Michael Jordan is in “serious talks” to sell his majority stake in the franchise.
via: Complex
ESPN’s Adrian Wojnarowski reports Hornets minority owner Gabe Plotkin and Atlanta Hawks minority owner Rick Schnall have emerged as front-runners to acquire Jordan’s stake, which he bought for $275 million from BET co-founder Bob Johnson in 2010.
At the time, Jordan said in a statement, “Purchasing the Bobcats [Charlotte’s team name from 2004–2014 before returning to the Hornets] is the culmination of my post-playing career goal of becoming the majority owner of an NBA franchise. I am especially pleased to have the opportunity to build a winning team in my home state of North Carolina.”
Plotkin and Daniel Sundheim purchased a significant stake from Jordan in the Hornets in 2020. Sundheim is said to be involved in talks to buy Jordan’s majority stake.
It is likely that Jordan will retain a minority stake in the franchise, even if the sale goes through. He’s the only former player to become a majority owner of an NBA team.
The news of Jordan looking to sell comes at a time where there has been some turnover at the NBA’s governor level. Mat Ishbia, a billionaire mortgage lender, reached an agreement in December to purchase the Phoenix Suns and Phoenix Mercury of the WNBA for $4 billion. Milwaukee Bucks co-owner Marc Lasry agreed to sell his 25 percent stake in the franchise to Cleveland Browns owners Jimmy and Dee Haslem. The deal is worth a reported $3.5 billion.
