Inside the Article:
According to a report from ESPN, NBA legend Michael Jordan is reportedly in talks to sell a majority stake in the Charlotte Hornets to a group led by Gabe Plotkin and Rick Schnall. If the sale goes through, Plotkin and Schnall would become co-governors of the team, while Jordan would retain a minority stake in the franchise. Jordan previously sold a significant minority stake to Plotkin and Daniel Sundheim in 2020, and sources say Sundheim is part of the group working to purchase the team. Jordan bought a majority stake in the Hornets in 2010 for $275 million.
Key points:
- Michael Jordan is reportedly in talks to sell a majority stake in the Hornets to a group led by Gabe Plotkin and Rick Schnall.
- The potential sale would make Plotkin and Schnall the co-governors of the team.
- Jordan is expected to retain a minority stake in the franchise.
- Jordan has previously sold a significant minority stake to Plotkin and Daniel Sundheim in 2020.
- Sundheim is part of the group working to purchase the team.
- Jordan initially bought a majority stake in the Hornets in 2010 for $275 million.
Big Picture: Michael Jordan Considers Selling Majority Stake in Charlotte Hornets
The potential sale of the Hornets is significant because Jordan is the league's only Black majority owner. If the sale goes through, it would mark a major change in ownership for the team and could potentially have a ripple effect on other teams and their ownership structures. Additionally, the sale would make Gabe Plotkin and Rick Schnall the co-governors of the team, which could lead to changes in management and the direction of the franchise.
