Michael Jordan may no longer be the owner of the Charlotte Hornets. According to sources close to ESPN, the NBA legend is reportedly in talks to sell the North Carolina franchise to Gabe Plotkin, minority partner of the team, and Rick Schnall, minority owner of the Atlanta Hawks.
It is reported that Jordan, who owns 97% of the team, would majority share of his stake to Plotkin and Schnall. ESPN's Adrian Wojnarowski detailed the current stage of negotiations:
ESPN sources: Charlotte Hornets owner Michael Jordan is in serious talks to sell a majority stake in the franchise to a group led by Hornets minority owner Gabe Plotkin and Atlanta Hawks minority owner Rick Schnall. No deal is imminent, but there is significant momentum behind a sale that would ultimately install Plotkin and Schnall as co-governors of the Hornets, sources said. If the sale is completed, Jordan is expected to maintain a minority stake in the team.
ESPN Sources: Charlotte Hornets owner Michael Jordan is engaged in serious talks to sell a majority stake in the franchise to a group led by Hornets minority owner Gabe Plotkin and Atlanta Hawks minority owner Rick Schnall. pic.twitter.com/jg03W25s49
— Adrian Wojnarowski (@wojespn) March 16, 2023
Jordan acquired the Hornets, formerly called the Charlotte Bobcats, in April 2010 for $275 million. In 2013, he announced that he would change the name of the team. During Jordan's first twelve seasons as owner, the franchise only managed to qualify for the playoffs twice (2013-2014 and 2015-2016), being eliminated in the first round both times.