After several months of rumors and negotiations, Michael Jordan has sold the majority of his Charlotte Hornets shares to an investment group led by Gabe Plotkin, minority stakeholder of the team, and Atlanta Hawks shareholder Rick Schnall.
As reported by ESPN, the transaction was closed at approximately $3 billion. The North Carolina franchise confirmed the news in a statement:
Hornets Sports & Entertainment (HSE) announced today that Chairman Michael Jordan has reached an agreement to sell his majority stake in the Charlotte Hornets to a group led by Gabe Plotkin and Rick Schnall. As part of the transaction, Jordan will retain a minority interest in the team. The transaction is subject to approval by the NBA Board of Governors.
Jordan acquired the Hornets, when they were 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 12 seasons as owner, the franchise only managed to qualify for the playoffs twice (2013-2014 and 2015-2016), and were eliminated in the first round both times.
