Michael Jordan’s reign as the owner of the Charlotte Hornets might soon come to an end. Jordan is reportedly engaged in talks to sell a majority stake in the franchise to a group led by businessman Gabe Plotkin, who already has a minority stake in Hornets, and Atlanta Hawks minority owner Rick Schnal.
According to ESPN’s Adrian Wojnarowski, while the deal is not imminent, there is enough traction for all parties to be optimistic about getting it over the finishing line. If the sale is completed, Plotkin and Schnal will take over as Hornets’ governors, while Jordan will keep a minority stake in the team.
Jordan, widely considered the best basketball player in the history of the sport, bought a minority stake in the franchise back in 2006, becoming the second-largest shareholder at the time. Four years later, the Hall of Famer became the Hornets’ majority owner, purchasing the team for $275 million.
During Jordan’s time as the owner, the Hornets made three playoff appearances, losing in the First Round each time. Their best regular-season result in the East during that time was the sixth seed in 2015–16.
The Hornets are currently sitting at No. 14 on the Eastern Conference standings with a 22-49 record. If they remain there, it will mark the team’s worst finish in the past 10 years.
