Michael Jordan is reportedly finalizing a deal to sell the Charlotte Hornets, parting ways with the NBA franchise 13 years after he took over as the majority owner.
According to Adrian Wojnarowski, Jordan is on the verge of completing an agreement that will sell Charlotte’s NBA franchise to a group led by Rick Schnall and Gabe Plotkin.
- Charlotte Hornets franchise value (Forbes): $1.7 billion
Jordan purchased the Hornets in 2010 for $275 million. In the years since, the NBA franchise’s value has skyrocketed thanks to increases in yearly revenue. With the NBA projected to increase its revenue by billions of dollars in upcoming TV rights deals, Jordan is poised to turn a massive profit on his original purchase.
The 60-year-old first started engaging in talks with potential buyers in March, with Plotkin’s group at the forefront of discussions. Now, a deal is in place to sell the franchise to Plotkin and Schnall.
- Michael Jordan career stats: 32,292 points, 5,633 assists, 2,514 steals, 28 triple-doubles
Plotkin already held a small ownership stake in Charlotte’s NBA team, while Schnall was a minority owner with the Atlanta Hawks. Under NBA rules, Schnall must sell his stake in the Hawks before the league approves his deal.
The NBA will begin vetting the deal once the terms are submitted to the league’s financial committee. If the offer passes inspection and is approved by the league, Plotkin and Schnall will take over as the franchise’s governors effective immediately.
Jordan will maintain a minority stake in the club, but he isn’t expected to have a role in basketball operations. Charlotte is widely expected to use the second overall pick in the 2023 NBA Draft on forward Brandon Miller.
