Michael Jordan may be stepping away a bit from a team that has been intrinsically linked to him for many years—and no, not that team.
It has been widely reported that Jordan is rumored to be in serious talks to sell a majority stake in the Charlotte Hornets in the franchise to a group led by Hornets minority owner Gabe Plotkin and Atlanta Hawks minority owner Rick Schnall, sources told ESPN.
As the Washington Post points out, Jordan is the NBA’s only Black owner so the sale would be a blow to an already exclusionary owners group. The team is valued at $1.7 billion after the 2021-22 season, per Forbes.
If a sale is completed, Jordan is expected to remain with a minority stake in the franchise, sources said. The NBA all-star reportedly has already sold a significant minority stake to Plotkin, founder and chief investment officer of Melvin Capital, and Daniel Sundheim, founder and chief investment officer of D1 Capital, in 2020, ESPN reported.
If the deal is completed, it would mark the end of Jordan’s 13-year tenure as owner after paying $275 million for a majority stake in the franchise.
“Purchasing the Bobcats [later changed to the Hornets] is the culmination of my post-playing career goal of becoming the majority owner of an NBA franchise,” said Jordan at the time of purchase, according to Bleacher Report. “I am especially pleased to have the opportunity to build a winning team in my home state of North Carolina.”