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Michael Jordan is selling his majority stake in the Charlotte Hornets to a group led by Gabe Plotkin and Rick Schnall. The deal is still pending approval from the NBA’s Board of Governors, but it is expected to be finalized soon.
Jordan will keep a minority stake in the Hornets, but this sale will end his 13-year run as the team’s majority owner. Jordan bought the Hornets in 2010 for about $275 million, and the team is now valued at $3 billion.
The new ownership group also includes recording artist J. Cole, country music singer-songwriter Eric Church, and several local Charlotte investors.
The Hornets have not been to the playoffs since 2016, and they have never won an NBA championship. Jordan was often criticized for not spending enough in free agency to make the Hornets more competitive.
The new ownership group will have the opportunity to turn things around for the Hornets. They have a young core of players, including LaMelo Ball, Terry Rozier, and Gordon Hayward. They also have the No. 2 pick in the upcoming NBA draft.
The sale of the Hornets is significant because it leaves the NBA without any Black majority owners. Jordan was the only Black majority owner in the league, and his departure is a loss for diversity in the NBA.
The new ownership group has pledged to be committed to diversity and inclusion. They have said that they want to make the Hornets a team that everyone in Charlotte can be proud of.
The sale of the Hornets is a major development in the NBA. It will be interesting to see how the new ownership group fares and whether they can turn the team around.
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