NBA
Michael Jordan is finalizing a sale of the Charlotte Hornets, ending his 13-year run as a majority owner
Zach Wolpin is an NBA and NFL expert who's been betting on the league for over three years now. Wolpin has been a fan of the NBA and has been watching for a decade and a half. He covers the latest news and stories surrounding the league daily. His passion in life is watching sports and being able to share that through his sports writing. He has written about the NBA and other sports leagues through various media outlets over the years like Sir Charles In Charge, G-Men HQ, and TAP into South Plainfield. Before he became an NBA News Writer, Wolpin attended Montclair State University where he graduated in 2021. He studied Sports Media and Writing while in school.
All posts by Zach WolpinUpdated16 Jun 2023
In 2006, Michael Jordan became a part-owner of the Charlotte Bobcats who would then become the Hornets. In 2010, he bought a controlling interest in the team for $275 million. Since then, the Hornets made the playoffs twice and never won a series in the postseason. League sources have reported that Jordan is finalizing a sale of the Charlotte Hornets, ending his 13-year run as a majority owner.
The group buying the Hornets from the six-time NBA champ is led by Gabe Plotkin and Rick Schnall. Plotkin is a minority owner with Charlotte and Schnall is a minority owner with Atlanta. Together, they will become the franchises once the approval process takes place by the league.
Sources around the league have also reported that North Carolina native and famous rapper J. Cole is part of the group buying the Hornets. Jordan’s majority stake is being sold for approximately $3 billion.
BREAKING: Michael Jordan is finalizing a sale of the Charlotte Hornets to a group led by Gabe Plotkin and Rick Schnall, ending his 13-year run as majority owner, league sources told ESPN on Friday. pic.twitter.com/5TonSrIQhF
— Adrian Wojnarowski (@wojespn) June 16, 2023
Michael Jordan is selling his majority stake in the Hornets for an estimated $3 billion
With the NBA draft taking place next Thursday, Jordan will continue overseeing basketball operations. Free agency also begins on July 1 and the league has not made the sale complete yet. Once that happens, Jordan is said to keep a minority stake and will remain near the franchise.
In 2020, Michael Jordan sold a “significant minority stake” to Gabe Plotkin. An agreement on Jordan selling his majority stake is expected to be signed in the next few days. Last season the Hornets went 27-55 and were plagued with injuries. Luckily, they were able to land the #2 overall pick in the upcoming 2023 NBA Draft.
