Reports indicate Michael Jordan is ready to give up his majority ownership of the Charlotte Hornets after more than a decade of running the team.
Sources close to the situation say Jordan is in “serious talks” to sell his stake in the Hornets to a group led by Hornets minority owner Gabe Plotkin and Atlanta Hawks minority owner Rick Schnall, ESPN reported
. If the deal is reached, Jordan would become a minority owner of the franchise.Jordan purchased the Hornets (then the Bobcats) in 2010 for $275 million. He became the first former NBA player with majority ownership of an NBA franchise.
Plotkin, founder and chief investment officer of Melvin Capital, and Daniel Sundheim, founder and chief investment officer of D1 Capital, acquired their stake in 2020 after Jordan sold them minority ownership. Sundheim is also a part of Plotkin’s group looking to gain majority ownership.
Jordan’s family office, Jump Management, has chosen not to respond to the reports, according to the Charlotte Observer.
“We don’t comment on rumors and speculation,” it said in a statement.
However, on Wednesday the firm released an additional statement explaining the negotiations and confirming that no deal is imminent, The Guardian
reported.“Four years ago, Michael Jordan sold a stake in the Charlotte Hornets to a Gabe Plotkin-led group,” Jump Management said. “As a natural step in a process due to that transaction, Michael and Gabe are in discussions about his group potentially buying an additional stake.”
“At this time, it is unclear whether an additional sale will take place,” the statement added.
In 2019, Forbes listed the Hornets’ value at $1.5 billion. Jordan hasn’t been seen at many of the Hornets’ games in recent years, though he did watch the team’s loss to the Orlando Magic earlier this month.
The Hornets have only made the postseason twice and are 22-49 this season. Their team’s overall record during Jordan’s 13-year regime is a paltry 418-600.