Michael Jordan is many things but he is no longer a majority owner of an NBA team.
On Thursday morning, Adrian Wojnarowski reported that Jordan’s sale of a majority stake in the Charlotte Hornets is complete.
He sold his stake to a group led by Rick Schnall and Gabe Plotkin, a move that was signed off on by the NBA Board of Governors recently.
Michael Jordan’s sale of a majority stake in the Charlotte Hornets to a group led by Rick Schnall and Gabe Plotkin is completed, team says. NBA Board of Governors recently approved the new ownership group, sources said.
— Adrian Wojnarowski (@wojespn) August 3, 2023
Jordan co-owned the team for 13 years, purchasing it back in 2010 when it was still known as the Charlotte Bobcats.
The 2010 purchase was worth $275 million and the valuation when he sold it was about $3 billion.
Jordan will still hold a minority ownership stake in the team after the completion of the sale but it is likely that he won’t be nearly as involved as he once was with hirings, firings, and other on-court activities.
The Hornets have struggled for years but their association with Jordan has always been one of their most talked-about features.
Players and fans were always left in awe at seeing the appearance of Jordan during games and practices.
Schnall was previously a minority owner of the Atlanta Hawks while Plotkin has been involved with the Hornets since 2019.
Therefore, both of these men know what they are doing and fans should rest easy knowing their team is in good hands.
Still, the road ahead for the Hornets might continue to be rocky.
They have several young bright stars on the roster but they continually come up short in the regular season.
They ended 2022-23 in 14th place with a painful 27-55 record.
NEXT: NBA Owners Make Final Decision On Charlotte Hornets Sale
