The Hornets could soon be under ownership following a report that owner Michael Jordan may be looking to sell the team.
Jordan, who’s owned Charlotte for 13 years, is currently engaged in “serious talks” to sell his stake to a group led by Hornets minority owner Gabe Plotkin and Hawks minority owner Rick Schnall, ESPN’s Adrian Wojnarowki reported Thursday. The deal is reportedly not imminent but there is said to be “significant momentum” on a sale, according to Wojnarowski.
Should the deal come to fruition, the change in ownership would end Jordan’s 13-year tenure as the Hornets owner, though he’s “expected to remain with a minority stake,” per Wojnarowski. The 60-year-old NBA icon first purchased a minority stake in the then-Bobcats in 2005, and eventually took over as majority owner in 2010 after paying $275 million for a majority stake.
