NBA legend Jordan is finalising the sale of the Hornets after a success-starved spell in charge of the Charlotte franchise; follow the 2023 NBA Draft with Sky Sports, late overnight on Thursday June 22
Friday 16 June 2023 15:36, UK
Michael Jordan has agreed to sell the Charlotte Hornets after 13 years in charge of the NBA franchise, according to a report.
Per ESPN insider Adrian Wojnarowski, basketball legend Jordan is set to end his tenure in charge by selling to a group led by Gabe Plotkin - who already owns a minority stake with the Hornets – and Rick Schnall, with an agreement expected to be signed in the coming days, sources said.
Six-time NBA champion and five-time MVP Jordan paid $275m for a majority stake in the franchise in 2010, is expected to pocket over $1bn profit, with the Hornets now worth $1.77bn despite achieving little on court success during his time in charge with only two trips to the playoffs, which both ended in first-round exits.
According to the report by ESPN, Jordan will oversee franchise operations through next week's NBA Draft and the beginning of free agency. He is expected to retain a minority stake in the Hornets after the sale, which will be completed once the NBA completes its vetting and approval process.
Schnall, who owns a stake in the the Atlanta Hawks, and Plotkin, who already owns a stake with the Hornets purchased in 2020, will become the team's governors once the league signals its approval.
The Hornets hold the No 2 pick in Thursday's NBA draft after another disappointing season where many of their top players were injured for long spells.
