Michael Jordan selling majority stake in Charlotte Hornets at approximately $3 billion valuation

Michael Jordan is finalizing a sale of his majority stake in the Charlotte Hornets, per Adrian Wojnarowski. The team is expected to be purchased by a group led by Gabe Plotkin and Rick Schnall. This move will see Jordan’s 13-year stretch as the majority owner come to an end. The valuation of the sale is approximately $3 billion, according to Wojnarowski. According to the Hornets, Jordan will retain a minority stake in the team.

Jordan initially purchased the team in 2010, when they were still known as the Charlotte Bobcats. They re-branded back to their old name in 2014. The Hornets did not achieve much success during Jordan’s tenure as owner, making the NBA playoffs just twice. In both instances, they lost in the first round to the Miami Heat.

Plotkin already holds a minority stake in the Hornets, while Schnall has a minority stake in the Atlanta Hawks. According to Wojnarowski, an agreement is expected to be signed in the coming days.

This is a big development for the Hornets ahead of the 2023 NBA Draft. Charlotte has the No. 2 overall pick, and new ownership tends to want to make its presence felt early in the process. We’ll see if the Hornets make major moves at the top of the draft with new ownership coming in, or if the process is delayed just enough to let the current front office make those decisions.