Michael Jordan is in "serious talks" to sell his majority stake in the Charlotte Hornets to a group led by Hornets minority owner Gabe Plotkin and Atlanta Hawks minority owner Rick Schnall, according to Adrian Wojnarowski.
According to Wojnarowski, Jordan would likely remain a minority shareholder if the deal goes through. The deal is reportedly not imminent.
Jordan, the Hall of Fame Chicago Bull, first bought a minority stake in the Hornets, then Bobcats, in 2006. He became the second-largest shareholder in the team behind then-owner Robert L. Johnson. With the purchase of his part in the Bobcats, Jordan took on a role in the basketball operations as the "Managing Member of Basketball Operations."
In February 2010, Jordan purchased the team as the majority stakeholder, becoming the first NBA player in history to own an NBA team. At the time, he was the league's only African-American team owner.
Since Jordan's taking over of the Hornets in 2006, the Hornets have posted a winning record four times in 17 seasons. They've made the playoffs three times in that span, losing in the first round of every appearance.
Jordan has been known to scrimmage incoming Hornets players among other wild anecdotes rooted in his unparalleled competitiveness.
His net worth in 2023, according to Forbes, is $1.7 billion.
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