Report: Michael Jordan looking to sell majority stake in Charlotte Hornets

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Michael Jordan is preparing to sell the Charlotte Hornets.

According to ESPN’s Adrian Wojnarowski, Jordan is engaged in serious talks to sell a controlling portion of the franchise to an ownership group led by current minority owner Gabe Plotkin and Atlanta Hawks minority owner Rick Schnall.

Specific details of that deal are not yet known, although a sale is not imminent. Jordan is expected to keep a minority stake in the team, but Plotkin and Schnall will become co-governors.

Jordan first became a minority owner in the franchise in 2006, shortly after his Hall of Fame career ended. He then bought the then-Bobcats in 2010 for $275 million. The team has made the playoffs just three times since Jordan took over as majority owner, but they have never made it past the first round.

Michael Jordan is expected to retain a minority share of the franchise if the deal goes through. (Benoit Tessier / Reuters)

According to Forbes, the Hornets are currently worth $1.7 billion. Only the Minnesota Timberwolves, Memphis Grizzlies and New Orleans Pelicans are worth less, but not by much. The Golden State Warriors are the league’s most valuable team at $7 billion.

Former Michigan State guard Matt Ishbia bought the Phoenix Suns and Mercury earlier this for nearly $4 billion, nearly double the previous league record $2.35 billion sale that Joe Tsai sold to the Brooklyn Nets in 2019. Had bought. did not come close to Ishbia’s price, as he still owns a share of the franchise and Plotkin is already part of the team.

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Plotkin was the founder and chief investment officer of Melvin Capital, which shut down after losing billions in the meme stock saga, It is not clear how many franchises he already owns. Jordan sold a minority stake in 2020 to Plotkin and Daniel Sundheim. Sundheim, the founder of D1 Capital, is also expected to be part of the new ownership group. The Hawks are part of the ownership group led by Schnall, Tony Ressler and Grant Hill, co-chairs of the private equity firm Clayton, Dubilier & Rice. He bought the Hawks in 2015 for $850 million.