The sale of Michael Jordan’s majority ownership of the Charlotte Hornets is now the subject of serious negotiations.
According to ESPN’s Adrian Wojnarowski, the Atlanta Hawks’ Rick Schnall and Charlotte Hornets’ Gabe Plotkin are the front-runners to buy out Jordan’s interest, which he acquired from BET co-founder Bob Johnson in 2010 for $275 million.
At the time, Jordan said in a statement, “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.”
Jordan sold a substantial portion of the Hornets to Plotkin and Daniel Sundheim in 2020. According to reports, Sundheim is in discussions to purchase the bulk of Jordan.
Even if the transaction goes through, Jordan will probably still own a small portion of the team. The only former NBA player to own a majority stake in a team is him.