16 June 2023 , 14:06
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Michael Jordan's 13-year majority ownership of the NBA franchise, the Charlotte Hornets, is set to come to an end with the basketball legend reaching an agreement over a sale.
The NBA icon, 60, bought the Hornets for $275 million in 2010 and despite very little on-court success, Charlotte are now worth an eye-watering $1.77 billion, which would see Jordan make a tidy profit north of one billion dollars.
Jordan will sell his majority stake in the Hornets to a group led by Gabe Plotkin and Rick Schnall, with the former already a stakeholder in the NBA franchise. Schnall also has NBA experience, being a minority owner with the Atlanta Hawks.
Jordan will retain a minority stake in the Hornets, who he saw make just two NBA playoff appearances in his tenure as majority owner, and will continue to oversee basketball operations through next Thursday's NBA draft and the start of free agency. Following a poor season, the Hornets hold the No2 pick in Thursday's NBA Draft.
An official Hornets statement read: "Hornets Sports & Entertainment announced today that chairman Michael Jordan has reached an agreement to sell his majority stake in the Charlotte Hornets to a group led by Gabe Plotkin and Rick Schnall.
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"As part of the transaction, Jordan will retain a minority ownership share of the team. the transaction is subject to the approval of the NBA Board of Governors."
The Hornets finished the season 27-55, finishing 14th in the East (Getty)The six-time NBA champion sold a significant minority stake to Plotkin in 2020 and the report goes on to state that founder and chief investment officer of D1 Capital, Daniel Sundheim, has joined the group in the purchase of the Hornets.
The Hornets played out a 27-55 season regular season, finishing second-bottom of the Eastern Conference, beating basement boys, the Detroit Pistons, to 14th. The San Antonio Spurs landed the No1 overall pick, which is expected to be used to draft French talent Victor Wembanyama. Center Wembanyama's selection would leave top talents such as Brandon Miller and Scoot Henderson up for grabs, with the Alabama Crimson Tide ace tipped to take the second overall slot at the moment.
Regard as one of, if not the greatest ever basketball player, Jordan amassed an astonishing net worth totalling $2bn, thanks to business-savvy deals with the likes of Nike, Hanes, and Gatorade. The acquisition of the Hornets in 2010 also boosted his net worth. Jordan also owns a NASCAR team, buying into the sport in 2020 with 23XI Racing, who have Bubba Wallace on their books.