The NBA’s board of governors approved the sale of the Charlotte Hornets to a group led by Rick Schnall and Gabe Plotkin, clearing the way to end Michael Jordan’s 13-year run as majority owner, sources told ESPN on Sunday.
The completed sale of the team — purchased at an approximate $3 billion valuation — will be executed in the next one to two weeks, sources said.
Schnall, who had been a minority owner with the Atlanta Hawks, and Plotkin, a minority owner with the Hornets, will become the franchise’s governors. Jordan will keep a minority stake in the franchise.
Jordan, a six-time NBA champion and five-time MVP, is largely considered to be the greatest player in the history of the game and had been the league’s only Black majority owner. Jordan paid $275 million for a majority stake in the franchise in 2010.
After a 27-55 season riddled with injuries to most of the team’s top players, the Hornets selected Alabama’s Brandon Miller with the No. 2 pick in the June NBA draft.
And just for fun, here are a couple of Jordan highlights.