In 2006, Michael Jordan became a part owner of the Charlotte Bobcats which later became the Hornets. In 2010, he bought a controlling stake in the team for $275 million. Since then, the Hornets have made the playoffs twice and have not won a series in the postseason. League sources have reported that Jordan is in the process of finalizing the sale to the Charlotte Hornets, ending his 13 years as majority owner.
The group that buys the Hornets from the six-time NBA champion is led by Gabe Plotkin and Rick Schnall. Plotkin is the minority owner with Charlotte and Schnell is the minority owner in Atlanta. Together, they will become franchisees once the approval process is through by the league.
Sources around the league also report that popular North Carolina rapper J. Cole is part of the group buying the Hornets. The majority stake in Jordan is being sold for about $3 billion.
BREAKING: Michael Jordan is in the process of finalizing the sale of the Charlotte Hornets to a group led by Gabe Plotkin and Rick Schnall, ending his 13-year career as majority owner, league sources told ESPN Friday. pic.twitter.com/5TonSrIQhF
– Adrian Wojnarowski (@wojespn) June 16, 2023
Michael Jordan sells his majority stake in the Hornets for $3 billion
With the NBA draft kicking off next Thursday, Jordan will continue to oversee basketball operations. Free agency also begins July 1 and the league has not yet completed the sale. Once that happens, Jordan is said to keep a minority stake and will remain close to the franchise.
In 2020, Michael Jordan sold a “significant minority stake” to Gabe Plotkin. An agreement to sell Jordan its majority stake is expected to be signed in the next few days. Last season the Hornets went 27-55 and were plagued by injuries. Fortunately, they managed to get the #2 pick overall in the upcoming 2023 NBA draft.