Photo: Getty Images
Basketball Hall of Famer Michael Jordan is reportedly finalizing a sale of the majority stake in the Charlotte Hornets' ownership to a group led by Hornets minority owner Gabe Plotkin and Atlanta Hawks minority owner Rick Schnall, NBA sources told ESPN's Adrian Wojnarowski on Friday (June 16).
Jordan, a six-time NBA champion, has served as the Hornets' majority owner since 2010, having initially purchased a minority stake in the then-Charlotte Bobcats in 2006.
"BREAKING: Michael Jordan is finalizing a sale of the Charlotte Hornets to a group led by Gabe Plotkin and Rick Schnall, ending his 13-year run as majority owner, league sources told ESPN on Friday," Wojnarowski tweeted.
Jordan was previously reported to have engaged in talks with the group in March and is expected to retain a minority stake and continue having a presence with the Hornets once the sale is complete, sources confirmed to Wojnarowski.
"No deal is imminent, but there’s significant momentum on a sale that would eventually install Plotkin and Schnall as the co-governors of the Hornets, sources said. If sale is completed, Jordan would be expected to keep a minority stake in team," Wojnarowski tweeted at the time.
Jordan, regarded by many as basketball's greatest player of all-time, is the NBA's only Black majority owner, purchasing full ownership from Robert L. Johnson, the first African-American billionaire, for $275 million in 2010, before later selling 20% to Plotkin and Daniel Sundheim in September 2019.
The Hornets are currently estimated to be valued at $1.77 billion, which ranks 26th among all 30 NBA teams, according to Sportico. Last month, Milwaukee Bucks co-owner Marc Lasry reportedly reached an agreement to sell his stake in ownership to Cleveland Browns owners Jimmy and Dee Haslam for a $3.5 billion valuation, sources with knowledge of the deal confirmed to ESPN at the time.
The deal would be the second-highest valuation ever for an NBA team, following the recent record-setting purchase made by Phoenix Suns owner Mat Ishbia, which was completed earlier this month, as well as the third-highest involving a American professional sports team, also following the recent $4.65 billion purchase of the Denver Broncos made by the Walton family last year.