Michael Jordan In Talks To Sell Majority Stake In Charlotte Hornets To Group Led By Minority Owners

Photo: Instagram/Michael Jordan 

According to a report by ESPN's Adrian Wojnarowski, Michael Jordan is currently in "serious talks" to sell his majority stake in the Charlotte Hornets.

The potential buyers are a group led by Hornets minority owner Gabe Plotkin and Atlanta Hawks minority owner Rick Schnall.

Although the sale isn't imminent, Jordan has considered the possibility of selling his stake, and if he does, he will still remain a minority owner of the team.

Photo: Instagram/Michael Jordan 

Jordan bought the Charlotte Bobcats, now known as the Hornets, in 2010 for $275 million from former majority owner Bob Johnson.

Before that, he had been a minority investor in the team since 2006.

However, the team has struggled to find consistent success on the court during Jordan's tenure as majority owner.

The Hornets have only made two playoff appearances in the 13 years since he took over the team, the last one being in 2016.

During Jordan's ownership, the Hornets have had five different head coaches and have moved on from franchise cornerstone players like Kemba Walker, while missing on several draft prospects.

However, the team has shown some promise recently, thanks in part to the drafting of LaMelo Ball in 2020.

Ball won Rookie of the Year and was named an All-Star in his second season, but a fractured right ankle in February ended his season and put the team's progress on hold.

It remains to be seen if Jordan will ultimately sell his majority stake in the Hornets, but if he does, it could signal a new chapter for the team and its ownership.

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Source: CBS Sports