After a 13-year unsuccessful run as owner of the Hornets, Jordan is ready to give it up
Charlotte, North Carolina – Michael Jordan’s run as the majority owner of the Charlotte Hornets may not have been as favorable as he liked with their losing record during the time of his ownership. But we are sure he is happy with the return he is receiving from his investment in the team over the past 13 years.
Jordan purchased the majority stake in the Hornets from Bob Johnson, founder of Black Entertainment Television (BET) in 2010 for $275 million. Now Jordan is selling that same stake in the Hornets for $3 billion!
The purchase of Jordan’s majority stake will be led by the team’s current minority owner, Gabe Plotkin, and, Rick Schnall, who is a current minority leader of the Atlanta Hawks. Jordan’s majority stake sale of the Hornets to Plotkin and Schnall will end the NBA’s only ownership of a Black-owned team.
The Charlotte Hornets released a statement on Twitter confirming Jordan’s plan to sell the team, “Hornets Sports & Entertainment announced today that chairman Michael Jordan has reached an agreement to sell his majority stake in the Charlotte Hornets to a group led by Gabe Plotkin and Rick Schnall. As part of the transaction, Jordan will retain a minority of the ownership share of the team. The transaction is subject to the approval of the NBA Board of Governors.