Michael Jordan Aims to Sell Major Stake in NBA Team “Hornets” Through Media

Negotiations to sell a controlling stake in the Hornets to Jordan are underway with a group of businessmen led by Gabe Plotkin, a minority owner of the Hornets, and Rick Schnall, a minority owner of another league club, the Atlanta Hawks, Wojnarowski said Thursday.

Sources have indicated that a deal is not imminent, but is highly possible, which would mean Plotkin and Schnall becoming co-owners of the Hornets.

If the sale goes through, Jordan is expected to remain at the club as a minority shareholder, sources said.

A six-time NBA champion and five-time MVP, Jordan, considered the greatest basketball player of all time, has been the league’s only black controlling shareholder.

Already in 2020, Jordan sold a significant share of shares to Plotkin, who is the founder and head of investment transactions of the company “Melvin Capital”, and Daniel Sandheim, the founder and head of investment transactions of “D1 Capital”. Sources say Sandheim is part of a group working to buy the team.

Selling a controlling stake in the Hornets would mark the end of Jordan’s 13-year tenure as owner. In 2010, he paid 275 million US dollars (258.6 million euros) for a controlling stake in the club.

“Hornets” currently occupy 14th place in the Eastern Conference with a record of 22-49.