Michael Jordan Set To Sell Charlotte Hornets

Michael Jordan’s NBA ownership tenure is over.

The Hall-of-Famer is reportedly finalizing the sale of the Charlotte Hornets to a group led by Hornets minority owner Gabe Plotkin and Atlanta Hawks minority owner Rick Schnall, according to ESPN’s Adrian Wojnarowski.

An agreement is expected to be signed in the coming days with approval from the league. Jordan will reportedly oversee basketball operations during the 2023 NBA draft on June 22 and during the start of free agency on July 1. The Hornets own the No. 2 pick.

Jordan will also reportedly keep a minority stake in the team, according to Wojnarowski.

The sale ends Jordan’s 13-year run as the majority owner of the Hornets. He bought a controlling interest in the team from George Shinn in 2010 for $275 million after he became a part-owner in 2006. During Jordan’s time at the helm of the franchise, he changed the name of the team back to the Hornets and became the first former NBA player to become a billionaire.

But despite Jordan’s investment and influence, Charlotte only made the postseason twice since 2010.