Yesterday, March 16th, it was reported that Michael Jordan was reportedly in talks to sell his majority stake in the Charlotte Hornets.
NBA insider Adrian Wojnarowski broke the news about the possible sale, reporting that Hornets minority owner Gabe Plotkin and Atlanta Hawks minority owner Rick Schnall, are in the running to acquire Jordan’s majority stake. The two bought their stake in the Hornets from BET co-founder Bob Johnson in 2010.
Jordan bought the stake in the Hornets franchise in 2010 for $275 million, making him the only Black majority owner in the NBA.
At the time of the purchase, Jordan said that purchasing the team had fulfilled his lifelong dream of owning a NBA franchise.
“Purchasing the Bobcats [Charlotte’s team name from 2004–2014 before returning to the Hornets] is the culmination of my post-playing career goal of becoming the majority owner of an NBA franchise. I am especially pleased to have the opportunity to build a winning team in my home state of North Carolina.”
However, if Jordan does sell his stake, he will still retain a minority stake in the franchise.