Michael Jordan Sells Off His Majority Stake In Charlotte Hornets

Michael Jordan has sold off his majority stake in the Charlotte Hornets.

via JJ:

The 60-year-old basketball legend has had the majority stake in the team since 2010.

ESPN says that the NBA Board of Governors approved the sale to “a group led by Rick Schnall and Gabe Plotkin.”

The sale of Michael‘s sale was valued at about $3 billion and things will be finalized over the next few weeks.

Rick and Gabe will now become the franchise’s governors.

While Michael sold off his majority stake, he will remain on as a minority stake owner in the team.

At the time of his investment in the team, Michael paid $275 million.

That’s quite the return!