ESPN’s Adrian Wojnarowski reported on Thursday that Charlotte Hornets owner Michael Jordan is in discussions to sell his majority stake of the franchise. He will reportedly to sell to a group led by Hornets minority owner Gabe Plotkin and Atlanta Hawks minority owner Rick Schnall.
The six-time NBA champion bought a minority stake of his home state franchise in 2006 and eventually purchased the majority stake from then owner Robert Johnson for $275 million in 2010. Then the Charlotte Bobcats, Jordan acquired the Hornets trademarks and history of the original Charlotte Hornets from the New Orleans Pelicans and rebranded the franchise in 2014.
The on-court results for the team were middling as the team made just two trips to the postseason in Jordan’s 13-year tenure with the organization. Their best season came during the 2015-16 campaign, where the Kemba Walker-led Hornets finished sixth in the Eastern Conference with a 48-34 record before falling to the Miami Heat in the first round of the playoffs. The franchise would continue to spin its wheels afterwards, finishing no better than ninth for each of the next six seasons.
If a deal does go through, Jordan is expected to remain as a minority owner of the team.