Michael Jordan in ‘serious talks’ to sell majority ownership stake in Hornets, reports say

CHARLOTTE, N.C. (WBTV) - NBA legend and current Charlotte Hornets majority owner Michael Jordan is reportedly engaged in talks to sell part of his stake in the team, reports say.

According to ESPN’s Adrian Wojnarowski, Jordan could sell a large portion of his stake to a group led by Hornets minority owner Gabe Plotkin and Hawks minority owner Rick Schnall.

The NBA Hall of Famer and North Carolina native has been a majority owner of the franchise since 2010, and is the only Black majority owner of any major American sports team. He is also the only former NBA player to now own a team.

ESPN also reported that while no deal is imminent, Jordan is expected to hold onto a minority ownership stake.

The 60-year-old previously sold some of his stake in 2019, when two New York-based investors bought into the organization. Plotkin, who is now seeking to buy more of the team, was one of those investors.

He helped lead the charge in bringing the Hornets namesake back to Charlotte, after the team played as the Bobcats from 2004-14.

Charlotte has made the playoffs only two times under his ownership, failing to win a series in both trips.

The Hornets currently have a 22-49 this season, and could end the year with one of the league’s worst records.

Related: Hornets fan regains vision after virus, makes trans-Atlantic trip to see hero LaMelo Ball

Copyright 2023 WBTV. All rights reserved.