Michael Jordan has agreed to sell a large piece of the Charlotte Hornets to two New York-based investors, a sale expected to close in the next few weeks that was first reported by the Observer.
A source familiar with the deal said it does not involve the former NBA Most Valuable Player giving up majority ownership of the NBA franchise. Jordan controls about 97 percent of Hornets equity, two sources confirmed.
Jordan is bringing in Gabe Plotkin, a founder of Melvin Capital, and Daniel Sundheim, a founder of DI Capital. Both prospective owners must be approved by the NBA, but that process is already underway and the sale is expected to close quickly, a league source confirmed.
Sources: NBA to Approve Plan to Restart Season
The NBA’s board of governors intends to approve a league proposal on a 22-team format to restart the season in Orlando, Florida, sources told ESPN.
The conference call and vote is set for 12:30 p.m. ET Thursday, sources said.
Commissioner Adam Silver and the league’s advisory/finance committee have shared the broad details of a plan with teams to play at the Walt Disney World Resort, sources said. The plan includes 13 Western Conference teams and nine Eastern Conference teams, eight regular-season games, a possible play-in tournament for the eighth seed, and playoffs, sources said.
The top 16 teams in the Eastern and Western conferences will be joined by teams currently within six games of eighth place in the two conferences — New Orleans, Portland, San Antonio, Sacramento, Phoenix and Washington, sources said.
Source: Adrian Wojnarowski of ESPN
Sources: July 31 ‘a target date’ for NBA Return
NBA commissioner Adam Silver and the league office informed Board of Governors that July 31 is a target date for return of season, sources tell
— Shams Charania (@ShamsCharania) May 29, 2020
Source: Shams Charania on Twitter
Sources: NBA to Consider Hosting Free Agency before Draft
The NBA board of governors will make key decisions in the coming month as they navigate the pandemic. Among them will be when to begin free agency and to hold the draft.
Several league sources said the 2020 draft is expected to be pushed back from June 25 to September. However, one high-ranking league source, said it will be impossible to conduct the draft in September. The official noted that, if all goes well, the league will still be playing late into September.
Two of the sources also said the board of governors would also discuss whether the upcoming free-agency period should be moved ahead of the draft. Free agency for the 2020-21 season will be moved from the scheduled start of 6 p.m. June 30.