Former basketball star Michael Jordan has reached a deal to sell his majority share of the Charlotte Hornets to an investment group led by Gabe Plotkin and Rick Schnall, the franchise announced Friday.
In a press release, the NBA confirmed Jordan will keep a minority ownership stake with the Hornets once the transfer is completed.
Jordan bought a majority stake in the North Carolina-based basketball team in 2010 from Bob Johnson for about $275 million. His decision to sell ends the renowned athletes’ 13-year run overseeing the organization as the NBA’s only black majority owner.
“In the same way that it’s wonderful that one of our greatest, Michael Jordan, could become the principal governor of a team, he has the absolute right to sell at the same time,” NBA Commissioner Adam Silver said at the NBA Finals earlier this month. “Values have gone up a lot since he bought that team, so that is his decision.”…