(Photo by Streeter Lecka/Getty Images)
The days of Michael Jordan owning the Charlotte Hornets are over.
It was officially announced on Friday that Jordan is reportedly finalizing a deal to sell his majority stake in the team.
Charlotte announced the big news on their Twitter account, saying that Jordan is selling his stake to a group of investors led by Hornets minority owner Gabe Plotkin and Atlanta Hawks minority owner Rick Schnall.
Read the full release on https://t.co/BzkRIrrehy.
https://t.co/roYUH9ilgI pic.twitter.com/N17fYc0HBp
— Charlotte Hornets (@hornets) June 16, 2023
The deal has to be approved by the NBA Board of Governors but it would leave Jordan with a minority ownership share of the team.
According to ESPN, Jordan will continue to oversee basketball operations through the draft and the start of free agency in July.
Back in 2010, Jordan paid $275 million for a majority stake in the team.
Current estimates say that he will make much, much more than that for selling his stake to Plotkin and Schall.
It’s not too surprising to see Jordan sell his ownership position in the team, seeing as he already sold a minority stake back in 2020.
Additionally, the team has continued to suffer over the last few seasons, with a series of injuries and tough competition leaving them towards the bottom of the Eastern Conference.
At 60 years old, Jordan might just feel it’s time for him to stop working so much on a team that isn’t making serious progress.
He will still be involved with the franchise, of course, which will be a benefit to both the players and the status of the team.
Even retired and with only a minority stake in the organization, Jordan will still bring a lot of attention and hype.
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