Basketball legend and African-American billionaire Michael Jordan is reportedly engaged in “serious discussions” to sell a majority stake in the Charlotte Hornets, a professional basketball team based in Charlotte, North Carolina.
Sources suggest that Jordan, the first athlete to amass a billion-dollar fortune, is contemplating divesting his stake to a consortium headed by Gabe Plotkin, a current minority owner of the Charlotte Hornets, and Rick Schnall, a minority owner of the Atlanta Hawks.
While the deal remains in its early stages with no assurances, Jordan is expected upon the completion of the deal to maintain a minority ownership interest in the franchise and will continue to serve as a crucial executive and advisory member of the team.
Michael Jordan set to score more than $1 billion in Charlotte Hornets majority stake sale
Jordan’s potential decision to sell his interest in the Charlotte Hornets could yield him a substantial profit on his initial investment of $275 million to acquire the team from Bob Johnson in 2010.
Despite holding majority ownership for 13 years, the team has only made two postseason appearances, with the most recent being in 2016.
The team is presently valued at between $1.5 billion to $2 billion. The completion of the sale would thus net Jordan over $1 billion.
A look back at Michael Jordan’s reign over Charlotte Hornets since 2006
In 2010, Jordan took over as the majority owner of the Charlotte Hornets (formerly known as the Charlotte Bobcats) by purchasing the team for $275 million from then-majority owner Bob Johnson.
Earlier, Jordan had been a minority investor in the franchise since 2006. In June 2014, Jordan made history by becoming the first athlete and NBA player to achieve a billion-dollar net worth, after increasing his ownership stake in the Charlotte Hornets from 80 percent to 89.5 percent.
Following the sale of a minority share to Gabe Plotkin and Daniel Sundheim in a deal that valued the Hornets at $1.5 billion, Jordan remains its majority shareholder and serves as its chairman.
