UNC Basketball: Michael Jordan in talks to sell majority stake in Hornets

UNC Basketball and NBA legend Michael Jordan is seriously exploring an opportunity to sell his majority stake in the Charlotte Hornets.

As first reported by ESPN’s Adrian Wojnarowski, UNC basketball legend Michael Jordan is in serious discussions to sell his majority stake in the Charlotte Hornets.

According to Wojnarowski’s report, there is “significant momentum” toward a deal, but no deal is considered to be imminent at this point. Jordan has been discussing the sale with a group led by Hornets minority owner Gabe Plotkin and Atlanta Hawks minority owner Rick Schnall.

If the sale is completed, it would signify the end of Jordan’s 13-year run as the owner of the Hornets organization. It would also end Jordan’s run of being the NBA’s only African American majority owner.

Although he wouldn’t be the majority owner anymore, Jordan is still expected to stay with the organization as a minority stakeholder.

He paid $275 million for a majority stake in the Hornets, as Forbes now lists the value of the franchise to be around $1.7 billion.

It’s unsure why Jordan has elected to pursue a sale at this point in time. However, based on the early reports, it may not take long for an agreement to be made between the two parties.

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