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Michael Jordan is negotiating to sell a majority stake in the Charlotte Hornets to a group led by the franchise’s minority owner Gabe Plotkin and Atlanta Hawks investor Rick Schnall.
In 2010, Jordan paid $275 million for a controlling stake in the Hornets, which is now valued at $1.77 billion.
The 60-year-old hoops legend sold a minority share to Plotkin, the founder of Melvin Capital, and Daniel Sundheim, the founder of D1 Capital, in 2019.
Sundheim is reportedly also part of the group eyeing to take control of the Hornets.
While the deal was described by ESPN as not imminent, there is reportedly a ‘significant momentum’ for the sale, which would eventually lead to Plotkin Schnall, a minority owner of the NBA’s Hawks, becoming co-governors of the Hornets.
The sale would end Jordan’s 13-year stint as Hornets owner and reduce him to a minority owner.
