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.
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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.