Michael Jordan in talks to sell majority stake in Hornets franchise: Source

Charlotte Hornets owner Michael Jordan is in talks to sell a majority stake in the franchise, a person briefed on the details of the talks confirmed The Athletic on Thursday. It was first reported by ESPN. You need to know the following:

  • Jordan is reportedly in talks to sell his majority stake to a group led by Hornets minority owner Gabe Plotkin and Hawks minority owner Rick Schnall.
  • The six-time NBA champion became the majority owner of the Charlotte franchise, then known as the Bobcats, in March 2010.
  • Jordan paid $275 million for the franchise.

Background story

The Hornets are currently 22-49 and are 14th in the Eastern Conference. They have been plagued by injuries this season. Star guard LaMelo Ball is out for the rest of the season with a broken ankle he suffered in February, and forward Gordon Hayward missed time with a fractured left shoulder he suffered in November.

What this means for the NBA

NBA owner exits continue. This is the third major equity team to change hands this season — after the Suns and Marc Lasry’s share of the Bucks — and it may be indicative of how the league is now at a complete turning point, with owners now stepping up for a longer period of time as the franchise appreciates. growing higher and higher. It’s a good time to get liquidity if you’re looking for it.

But this is also a loss for the league in many ways. While valuations may continue to rise with this sale — the Hornets’ valuation is not yet known — it will be a hit to the NBA. Jordan is a legend. He’s not just a prominent player who ended up buying a team, he’s arguably the best player of all time. It’s a good person to keep in a prominent position in the league.

Jordan is also currently the only black majority owner in the NBA. It’s also an eyesore for the league. — Vorkunov

What this means for the Hornets

This is certainly a new era for the franchise. Jordan bought the team in 2010 and the Hornets have had just three winning campaigns in 13 full seasons under his command. The Hornets don’t have a large front office, but several executives have long-term ties to Jordan.

A new ownership group with Plotkin and Schnall, who have owned a minority share since 2019, could take the franchise in a new direction.

Charlotte has the fourth-worst record in the NBA this season and has the top pick in the 2023 NBA Draft, giving them a chance to land Victor Wembanyama. This is the first year back for Steve Clifford, who was hired this summer as the second coach after the team’s five-year tenure that ended in 2018. Vorkunov

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(Photo: Jacob Kupferman/Getty Images)

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