Charlotte Hornets owner Michael Jordan is engaged in serious talks to sell a majority stake in the franchise to a group led by Hornets minority owner Gabe Plotkin and Atlanta Hawks minority owner Rick Schnall, sources told ESPN’s Adrian Wojnarowski.
There’s momentum on a sale that would eventually have Plotkin and Schnall take over as the Hornets’ co-owners, though no deal is imminent, Wojnarowski adds. Jordan is expected to retain a minority stake in the team if the sale is completed.
The former NBA superstar sold a significant minority stake to Plotkin and Daniel Sundheim in 2020. Sundheim is part of the group working to purchase the team, sources told Wojnarowski.
Jordan, a North Carolina native, bought the Hornets in 2009 – then called the Bobcats – for $275 million.
Charlotte has made three playoff appearances in Jordan’s 13-year tenure as majority owner, with no postseason series victories.
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