Michael Jordan, widely considered to be one of the greatest basketball players of all-time, is finalizing the sale of the Charlotte Hornets, the NBA franchise in which he owns majority stake, ESPN's Adrian Wojnarowski reported on Friday, June 16.
Jordan will be selling the franchise to a group led by Gabe Plotkin and Rick Schnall, who are currently minority owners of the Hornets and Atlanta Hawks, respectively. The exact details of the deal have yet to be revealed, but Wojnarowski tweeted that an agreement is expected to signed "soon."
Jordan initially purchased the Hornets in 2010 for $180 million. They were then called the Charlotte Bobcats, the newest expansion team of the NBA, owned by entrepreneur Bob Johnson.
Sportico valued the Hornets at $1.77 billion as of December 2022, 26th of the 30 NBA franchises.
While Jordan will likely huge monetary gains from his investment, the Hornets have not seen much success on the court under the NBA legend. The team made the NBA Playoffs only two times in Jordan's 13-year tenure, losing in the first round both times.
More Sports Business:
