Michael Jordan In Discussions To Sell Majority Stake In Hornets

Longtime Hornets majority owner Michael Jordan may soon be giving up control of the franchise. According to Adrian Wojnarowski of ESPN, Jordan is currently “in serious talks” to offload a majority stake in the Hornets to another ownership group fronted by Hawks minority owner Rick Schnall and current Charlotte minority owners Gabe Plotkin and Daniel Sundheim.

While a deal is not imminent, there’s momentum toward an agreement that would eventually make Schnall and Plotkin co-governors of the Hornets, Wojnarowski adds.

Woj hears that Jordan intends to hold on to at least a minority piece of the club if a sale agreement is reached.

Jordan purchased his initial majority stake in the Hornets for $275MM in 2010, but has been at least a partial owner since 2009. The Hornets’ value as a franchise has only increased since Jordan bought that initial stake. Sportico’s most recent valuation of the team estimated its worth at $1.77 billion (Twitter link).

With a new television deal on the horizon, it seems like a wise investing decision to maintain at least some portion of Charlotte for the immediate future.

The rebuilding Hornets currently occupy the East’s No. 14 seed with a 22-49 record. The team is in prime position to add a major talent in what is expected to be an exciting 2023 draft. During the 2021/22 season, Charlotte did qualify for the East’s play-in tournament, but lost a 132-103 blowout to the Hawks.

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