Michael Jordan is finalizing a sale of the NBA’s Charlotte Hornets, ending his 13-year tenure as majority owner of the team, Sources told the outlet that an agreement is expected to be signed in the coming days.
Jordan is the NBA’s sole Black owner after he purchased the North Carolina expansion franchise for $180 million in 2010. He’s reportedly selling the team to a group led by Atlanta Hawks minority owner Rick Schnall and Hornets minority owner Gabe Plotkin.
However, Jordan isn’t out of the league entirely. He will reportedly maintain a minority stake in the team once the deal is approved by the league.
Jordan, a six-time NBA champion and five-time most valuable player, is broadly considered the greatest player of all time, but he is also a businessman, investor and philanthropist holding a net worth of $2 billion, His Nike Air Jordan brand has been an industry leader in athletic shoes and apparel since its founding in 1997. He also holds endorsements from Gatorade, trading card company Upper Deck, and he launched his own NASCAR racing team in 2020.
Riddled with injuries, the Hornets finished the 2022-23 season with a disappointing 27-55 record — second-worst in the Eastern Conference. The team currently holds the second overall pick in next week’s NBA Draft.