Follow usMichael Jordan is currently considering selling the Charlotte Hornets.
The 60-year NBA legend is in negotioations with a group, that includes the Hornets minority owner Gabe Plotkin. They are expected to receive at least a portion of the franchise.
“Four years ago, Michael Jordan sold a stake in the Charlotte Hornets to a Gabe Plotkin-led group,” Michael Jordan’s family office said in a statement on Wednesday.
“As a natural step in a process due to that transaction, Michael and Gabe are in discussions about his group potentially buying an additional stake.”
Jordan is yet to speak of the potential deal as he refused to give an interview.
In 2019, Jordan sold a portion of the Hornets to Plotkin, a founder of Melvin Capital, and Daniel Sundheim of DI Capital, but Jordan still holds the majority of the teams shares.
It’s unclear whether he is looking to sell his entire majority stake in the team, or just a portion of it.
Jordan is the NBA’s only Black owner. He purchased the expansion team from Bob Johnson for $180 million in 2010. The team had a net worth of $1.7 billion after the 2021-22 season, according to Forbes.
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