Michael Jordan in talks to sell majority stake in Hornets franchise
Charlotte Hornets owner Michael Jordan is in talks to sell a majority stake in the franchise, according to an insider who recently gave details about the sale.
This is the third significant change in ownership this season — following the Suns and Marc Lasry of the Bucks — and could suggest the league is currently at a perfect tipping point for long-term owners to capitalize on while franchise values are always rising, higher than ever.
Michael Jordan has been the majority owner of the Hornets since 2010 and has overseen the return of the Hornets name and brand, but production on the court was disappointing at the time.
It looks like Jordan is close to selling his controlling interest to current Hornets minority owner Gabe Plotkin and Atlanta Hawks minority owner Rick Schnall.
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Jordan sold a significant stake in the team to Plotkin back in 2020. Reports claim that he will retain a minority interest in the Hornets, allowing ownership of the Hornets are to remain.
The Hornets don’t have a large body administration, but they do have several executives with whom Jordan has long-standing relationships.
A new ownership group with Plotkin holding a minority stake since 2019 and Schnall could take the franchise in a new direction.
Charlotte has the fourth-worst record in the NBA this season and will have a top pick in the 2023 NBA draft, giving them a chance to pick Victor Wembanyama.
It’s the first year for Steve Clifford, who was appointed to his second term as manager this summer after a five-year career that ended in 2018.