Photo Credit: Len Werle/OpenCourt-Basketball
As reported previously, Michael Jordan, the six-time NBA champion and owner of the Charlotte Hornets, has agreed to sell his majority stake of the franchise to a group led by Gabe Plotkin and Rick Schnall. The deal, which is reportedly worth $3 billion, is still subject to NBA approval.
Jordan has owned the Hornets since 2010, when he bought the team for $275 million. He has overseen a period of mixed success during his tenure, with the Hornets making the playoffs just four times, and never reaching the second round.
The sale of the Hornets leaves the NBA without any black majority owners. Jordan was the only black majority owner in the league, and his decision to sell has been met with some criticism. However, Jordan has said that he is selling the team because he wants to focus on his other business interests.
“This was a difficult decision, but I believe it is the right one for me and my family,” Jordan said in a statement. “I am confident that Gabe and Rick will be great stewards of the Hornets and I look forward to supporting them in the years to come.”
While the sale of the Hornets is expected to be finalized in the coming weeks, a theory explaining the reason Michael Jordan is selling his majority stake in the Charlotte Hornets includes him needing the money. The “Rico Knows” YouTube channel included poor financial choices Jordan has made in recent years which have forced him into selling the team.
