Michael Jordan in talks to sell majority stake in Charlotte Hornets
Michael Jordan is reportedly engaged in serious talks to sell a majority stake in the Charlotte Hornets.
Five-time NBA MVP Jordan became the only black majority owner in the league when he paid $275million for a controlling stake in the franchise in 2010.
Jordan then sold a significant minority stake to Gabe Plotkin and Daniel Sundheim in 2020, and an ESPN report suggests Sundheim is part of a group now looking to gain control of the Hornets.
While a deal is not said to be imminent, the report added Jordan was expected to retain a minority stake in the franchise, with Plotkin likely to join Rick Schnall as a co-governor of the team.
The Hornets have only enjoyed two postseason runs during Jordan's 13-year period as majority owner, last doing so in 2016.
Charlotte are currently 14th in the 15-team Eastern Conference, having seen their record for the season slump to 22-49 with Tuesday's 120-104 loss to the Cleveland Cavaliers.