Michael Jordan Announces Sale of Charlotte Hornets After 13 Years as Majority Owner

Michael Jordan Announces Sale of Charlotte Hornets After 13 Years as Majority Owner

Michael Jordan as an NBA owner is finished.

The franchise announced on Friday that the Hall of Famer has agreed to sell the Charlotte Hornets to a consortium led by Gabe Plotkin, a minority owner of the Hornets, and Rick Schnall, a minority owner of the Atlanta Hawks. The new ownership group also includes rapper J. Cole and country music singer/songwriter Eric Church.

In the following days, pending league clearance, an agreement will be inked. According to reports, Jordan will be in charge of basketball operations on Thursday, the day of the 2023 NBA Draft (in which the Hornets have the second overall choice) and the beginning of free agency for the league.

Hornets’ Pending Sale: Top Draft Prospects Informed, Jordan to Meet on Monday

Charlotte has reportedly informed the agents of top draft prospects Scoot Henderson and Brandon Miller about the pending sale of Charlotte Hornets, as reported by Yahoo Sports’ Jake Fischer. However, the team still intends to have both prospects return for a visit with Jordan on Monday. 

Despite adding Amen and Ausar Thompson last week, the Hornets appear to be deciding between those two prospects, as reported by Fischer on Thursday. Jordan will also have a minority ownership position in the club. Schnall is getting out of the Hawks’ minority ownership position.

Michael Jordan Sells Majority Stake in Hornets After 13 Years as Owner

After 13 years, Jordan has finally sold his majority stake in the Hornets. After becoming a part-owner in 2006, he paid $275 million to George Shinn in 2010 to acquire a controlling interest in the franchise. During Jordan’s tenure as team owner. Michael Jordan reverted the team’s name to “Hornets” and became the first wealthy former NBA player.

Even with Jordan’s financial backing and sway, Charlotte Hornets have only made the playoffs twice since 2010. That’s why Jordan is thinking of listing it on the sale of charlotte hornets.

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