Charlotte Hornets’ owner Michael Jordan is negotiating the sale of a majority stake

Charlotte Hornets owner Michael Jordan is negotiating the sale of a majority stake in the franchise to a group led by Hornets minority owner Gabe Plotkin and Atlanta Hawks minority owner Rick Schnall as reported ESPN.

If the sale goes through, Jordan will retain a minority stake in the franchise. Jordan bought a majority share of the Charlotte Hornets in 2010 for $275 million and in 2020 sold a significant minority stake to Plotkin and Daniel Sundheim, founder and CEO of D1 Capital. Plotkin and Schnall would become co-governors of the Charlotte Hornets.