Follow usNBA legend Michael Jordan has struck a deal to sell the Charlotte Hornets, ESPN reports.
The team will be sold to a group of investors led by Gabe Plotkin and Rick Schnall. The agreement is expected to be signed in the coming days. Schnall, a minority owner in another league club, the Atlanta Hawks, and Plotkin, co-owner of the Hornets, will become Charlotte’s managers after the NBA completes its review and approval process.
Jordan will continue to oversee basketball operations until the league’s rookie draft. After that he will retain stake in the club.
Michael Jordan purchased part of Charlotte in June 2006, becoming the second shareholder in the team after owner Robert Johnson. In 2010, the basketball legend paid $275 million for the main package in the club and became the first former NBA player to own a majority stake in a league team.
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