UNC Basketball: Michael Jordan finalizing a sale of the Charlotte Hornets

UNC basketball legend Michael Jordan’s run as the majority of the NBA franchise Charlotte Hornets is set to come to an end.

Over the last few months, there’s been speculation that UNC basketball legend and NBA Hall of Famer Michael Jordan was looking to sell his majority stake in the Charlotte Hornets franchise.

Now, it appears that the deal is close to being finalized.

According to ESPN’s Adrian Wojnarowski, Jordan is finalizing a sale to a group led by Gabe Plotkin and Rick Schnall. When the deal is finalized, which is expected over the next couple of days, it will end Jordan’s 13-year run as the franchise’s majority owner.

Jordan will continue to oversee basketball operations through next Thursday’s NBA draft and the start of free agency, which begins on July 1. Once the sale is completed, the former Tar Heel is expected to keep a minority stake while continuing to be a presence within the organization.

Back in 2010, Jordan paid $275 million for a majority stake in the Hornets. Forbes now lists the value of the franchise to be around $1.7 billion.

This was an expected move over the last few months, as it appears that Jordan is content with not being a majority owner anymore. We’ll have to wait and see what’s in store next for the UNC basketball legend.

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