Billionaire and NBA legend Michael Jordan is reportedly finalizing his sale of the Charlotte Hornets after majority ownership for the last 13 years.
According to ESPN’s Adrian Wojnarowski, Jordan has agreed to turn over ownership to a group led by Gabe Plotkin, who has been a minority owner of the franchise, and Rick Schnall. Rapper and North Carolina native J. Cole26/site264.tmus/amp2" data-multi-size="320x50,300x250" data-multi-size-validation="false" rtc-config='{"vendors": {"prebidappnexuspsp": {"PLACEMENT_ID": "27198239"}}, "timeoutMillis": 500}'> is also rumored to be part of the group that will retain control over the Hornets once the ink dries on the agreement. Jordan will maintain a minority stake in the team and will also oversee operations during the upcoming 2023 NBA Draft, according to Yahoo Sports.
The six-time NBA
champion and Hall of Famer bought a controlling interest in the team in 2010 for $275 million. Throughout his time as owner, Jordan’s leadership has often been criticized as the franchise has failed to capture a championship or build on the talent they’ve drafted. The Charlotte Hornets have only made it to the NBA playoffs two times in the last 13 seasons. Previously, Jordan also served as a minority owner and president of basketball operations for the Washington Wizards; however, his tenure with the team also failed to produce the success of his time with the Chicago Bulls, even when he decided to suit up as a Wizards player.With the No. 2 pick in the upcoming NBA Draft, the Hornets seem to be gearing up for some major moves in the 2023-24 season. Top prospects like Scoot Henderson, Brandon Miller, and Amen Thompson are all up for grabs, and the team can decide to extend the contract of their current franchise player, point guard LaMelo Ball.