The NBA’s Board of Governors has approved the sale of the Charlotte Hornets, marking the end of Michael Jordan’s tenure as an NBA owner.
The NBA Board of Governors has approved the sale of the Charlotte Hornets to an ownership group led by Gabe Plotkin and Rick Schnall, as per a reliable source.
The sale, which is expected to be finalized in about a week, was disclosed by an anonymous source speaking to The Associated Press.
Michael Jordan has stepped down as majority owner of the franchise after 13 years and will now serve as a minority owner.
Jordan agreed to sell the team on June 16, but the sale must be approved by the NBA’s Board of Governors.
Jordan’s decision to sell has led to the NBA no longer having a Black majority owner.
Plotkin has owned a minority stake in the Hornets since 2019, while Schnall was a minority owner of the Atlanta Hawks until recently when he was compelled to sell his investment in the team.
The reported sale price for the item is approximately $3 billion, as per ESPN.
Jordan achieved unprecedented success as both a player and an owner. While he secured six NBA titles with the Chicago Bulls, establishing himself as one of the greatest basketball players of all time, his accomplishments as an owner have not reached the same level of triumph.
The Charlotte team had a record of 423-600 during Jordan’s tenure, ranking 26th in the league.
The Hornets have had a long playoff drought, with no series wins and no postseason appearances in the past seven years.
The new ownership group of the Hornets includes artist J. Cole, Dan Sundheim, Ian Loring, Eric Church, Chris Shumway, and local Charlotte investors.
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