Report: Michael Jordan in talks to sell majority stake in Hornets

Michael Jordan is engaged in discussions to sell a majority stake in the Charlotte Hornets, ESPN’s Adrian Wojnarowski reports.

The group looking to buy the majority stake is reportedly led by Hornets minority owner Gabe Plotkin and Atlanta Hawks minority owner Rick Schnall.

Wojnarowski reports that a deal is not imminent but negotiations have significant momentum and the sale would make Plotkin and Schnall co-governors of the Hornets.

Jordan will retain a minority stake in the franchise. The six-time NBA champion and five-time MVP became the league’s only Black majority owner when he purchased the Hornets, who were originally named the Bobcats in 2010 for $275 million.

According to Forbes, the Hornets are valued at $1.7 billion. Initially, Jordan became an investor in the team back in 2006 before buying a controlling interest in 2010.

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