CHARLOTTE, N.C. — Charlotte Hornets owner Michael Jordan is finalizing a deal to sell his majority stake in the team after a 13-run with the franchise.
The deal includes Hornets minority owner Gabe Plotkin and Atlanta Hawks minority owner Rick Schnall, ESPN reported on Friday. Jordan is expected to hold a minority stake in the Hornets when the sale goes through, according to the report.
The transaction is subject to the approval of the NBA Board of Governors. Along with the Hornets, HSE ownership includes the Greensboro Swarm (NBA G League) and Hornets Venom GT (NBA 2K League), as well as managing and operating Spectrum Center, each of which is included as part of the sale.
In 2022, Forbes estimated the Hornets were worth $1.7 billion, which ranked No. 27 among all NBA franchises. The Golden State Warriors, worth an estimated $7 billion, are currently the most valuable American pro basketball team.
In its 35-year history, which includes a decade as the Charlotte Bobcats, the team has only changed hands a few times.
George Shinn, an entrepreneur from Kannapolis, paid $32.5 million in 1987 for an NBA expansion franchise in Charlotte, which became known as the Hornets.
In 2002, the NBA approved a deal for the Hornets to move from Charlotte to New Orleans.
Shortly after the team moved to New Orleans, the NBA awarded BET founder Robert L. Johnson Charlotte’s replacement franchise — the Bobcats — making him the first Black majority owner of a major league sports team.
Johnson, who later added rapper Nelly to his ownership team, paid $300 million to acquire the franchise.
After the 2005 season, the Bobcats announced that Jordan had purchased a minority stake in the team and would become its managing member of basketball operations.
In 2009, after the Bobcats fell four wins short of its first playoff berth, Johnson announced that he was selling the team, according to Bleacher Report.
Jordan reached a deal with Johnson to buy a majority stake in the team for $180 million the following year, the Observer reported.
