Michael Jordan is allegedly in serious discussions to sell his majority ownership in the Charlotte Hornets to the team’s current minority owner Gabe Plotkin and the minority owner of the Atlanta Hawks Rick Schnall, according to a number of sources, including NBA insider Adrian Wojnarowski.

With six championships and five MVP awards, Michael Jordan established his reputation as one of, if not the best NBA player of all time. In 2010, he became the league’s first and only Black majority team owner by purchasing a majority stake in the Hornets for $275 million USD. The franchise is now valued more than $1.7 billion USD, according to Statista.

In 2020, Plotkin, the creator and chief investment officer of Melvin Capital, and Daniel Sundheim, the founder and chief investment officer of D1 Capital, purchased a sizeable portion of Jordan. If the negotiations are successful, Plotkin and Schnall are anticipated to serve as the team’s co-governors even though Sundheim is reportedly involved in the group making the acquisition. According to sources, Jordan is also anticipated to retain a small ownership interest in the team even if a sale is completed.


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