Michael Jordan to Finalize Sale of Charlotte Hornets

Hall-of-Famer Michael Jordan is finalizing a sale of the Charlotte Hornets. After 13 years of ownership, Jordan is selling his majority stake for $3 billion to a group led by two minority governors, Gabe Plotkin of the Hornets and and Rick Schnall of the Hawks.

Adrian Wojnarowski reported the news via Twitter on Friday.

Also reportedly involved with the new ownership group is rapper J. Cole and country music artist Eric Church, both of whom are from North Carolina. Schnall and Plotkin will be named the official governors of the team, according to reports.

During Jordan’s 13-year run as owner, the Hornets had the fifth-worst winning percentage in the NBA. They also never won a single playoff series, and never finished fifth or better in the Eastern Conference. He originally bought his majority stake in the team for $275 million back in 2010. That’s a profit of $2.725 billion for Jordan, who already had a net worth of $2 billion.

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Featured image courtesy of NBA.com

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