March 16, 2023
Photo: Nicolas Messyasz / AP
Michael Jordan is engaged in talks to sell his majority stake in the Charlotte Hornets, per ESPN’s Adrian Wojnarowski.
Hornets minority owner Gabe Plotkin and Atlanta Hawks minority owner Rick Schnall are leading the group looking to acquire the majority stake in the franchise. Plotkin and Schnall would be named co-governors while Jordan maintains a minority stake in the team if the sale were to go through, per Wojnarowski. No deal is imminent but Woj reports that there’s “significant momentum” In the sale.
ESPN Sources: 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. pic.twitter.com/jg03W25s49
— Adrian Wojnarowski (@wojespn) March 16, 2023
Another current Hornets minority owner, Daniel Sundheim, is among the group trying to buy the team. In September of 2020, Jordan sold a 20 percent stake of the Hornets to two New York based investors, Gabe Plotkin, a founder of Melvin Capital, and Daniel Sundheim, a founder of DI Capital.
Jordan became a part-owner and head of basketball operations for the franchise in 2006 when they were still the Bobcats and acquired controlling interest in 2010 from Bob Johnson.
This story is developing.