According to multiple sources, including NBA insider Adrian Wojnarowski, Michael Jordan is reportedly engaged in serious talks to sell his majority stake in the Charlotte Hornets to the team’s current minority owner Gabe Plotkin, and Atlanta Hawks minority owner Rick Schnall.
After cementing his legacy as one of, if not the greatest NBA players of all time with six championships and five MVP titles, Michael Jordan became the league’s first and only Black majority team owner in 2010, buying a majority stake in the Hornets for $275 million USD. According to Statista, the franchise is now worth upwards of $1.7 billion USD.
In 2020, Jordan sold a significant stake to Plotkin, the founder and chief investment officer of Melvin Capital as well as Daniel Sundheim, the founder and chief investment officer of D1 Capital. While Sundheim is said to be involved with the group making the purchase, Plotkin and Schnall are expected to serve as co-governers of the team if the talks are successful. Sources also report that if a sale is made, Jordan is also still expected to have a minority stake in the franchise.
Stay tuned for more details as the situation develops.
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