Michael Jordan in ‘serious talks’ about selling stake in Hornets
In early 2010, Michael Jordan purchased a controlling interest in the then-Charlotte Bobcats, becoming the first ex-player to become the majority owner of a franchise in the league. In addition to his status as arguably the greatest basketball player of all time, Jordan was already a key decision maker on the basketball operations side of the current Hornets franchise, and his presence on the league’s Board of Governors brought cache in countless ways.
On Thursday night, however, a report by ESPN’s Adrian Wojnarowski suggested that Jordan’s run as majority owner of the Hornets could be coming to an end in the near future.
ESPN Sources: Charlotte Hornets owner Michael Jordan is in serious talks to sell a controlling interest in the franchise to a group led by Hornets minority owner Gabe Plotkin and Atlanta Hawks minority owner Rick Schnall. pic.twitter.com/jg03W25s49
— Adrian Wojnarowski (@wojespn) March 16, 2023
Wojnarowski reports that Jordan is in “serious discussions” with a group centered around Hornets minority owner Gabe Plotkin and Atlanta Hawks minority owner Rick Schnall, although no sale is forthcoming at this time. Crucially, the coverage indicated that Jordan wouldn’t divest outright and retain a minority stake in this scenario, but ESPN notes that a sale “has significant momentum” and there’s a big difference being #1 and all being number 1 on a franchise call list.
It will be interesting to see how this plays out and, if a sale goes through, what Charlotte’s valuation would be at a time when franchise values seem to be sky-high. However, it is not done yet and this is seen as an evolving situation with far-reaching implications.
https://uproxx.com/dimemag/michael-jordan-ownership-stake-sale-charlotte-hornets-talks/ Michael Jordan in ‘serious talks’ about selling stake in Hornets