Michael Jordan, the iconic NBA legend, has reportedly decided to sell his majority stake in the Charlotte Hornets after 17 years of ownership, with a group led by Gabe Plotkin and Rick Schnall emerging as the buyers. According to sources, Jordan is set to receive a staggering $3 billion for his stake in the team.
While relinquishing his majority ownership, Jordan is expected to retain a minority stake in the franchise and maintain a presence within the organization.
The basketball icon originally acquired a minority stake in the Hornets in 2006, but he became the majority owner in 2010, making history as the first former NBA player to hold such a position.
 
Jordan’s tenure as majority owner has been marred by disappointing results, unfortunate deals, and mismanagement. Since taking on the role, the Hornets have struggled to find consistent success, posting a combined record of 423-600 over the past decade.
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The team has managed just three winning seasons during this period and has made only two playoff appearances, both of which ended in first-round losses to the Miami Heat in 2014 and 2016.
While some notable decisions, such as drafting Kemba Walker ninth overall, have yielded positive results, the failure to build a competitive roster around him ultimately led to the team’s struggles.
Walker, who became the franchise’s all-time leading scorer and minutes played leader, was not offered a max contract by Jordan and general manager Mitch Kupchak, leading to further setbacks.
Despite these challenges, there are reasons for optimism within the organization. LaMelo Ball, the 2021 Rookie of the Year, has showcased tremendous potential, and the Hornets hold the second overall pick in this year’s NBA Draft, offering an opportunity to add more talent to their roster.
As the ownership transition takes place, fans and observers will eagerly anticipate the future direction of the Charlotte Hornets under new leadership and hope for a turnaround that can restore the team to its former glory.
