Michael Jordan Set to Sell Majority Stake in Charlotte Hornets to Group That Includes J. Cole

His Run as an Owner Was Not as Pretty as His Run as a Player

Michael Jordan, the legendary NBA star, is no longer an NBA owner as he has decided to sell his majority stake in the Charlotte Hornets. The team announced on Friday that Jordan has agreed to sell the Hornets to a group led by Hornets minority owner Gabe Plotkin and Atlanta Hawks minority owner Rick Schnall. Joining them in the new ownership group are rapper J. Cole and country music singer-songwriter Eric Church.

BREAKING: Michael Jordan is finalizing a sale of the Charlotte Hornets to a group led by Gabe Plotkin and Rick Schnall, ending his 13-year run as majority owner, league sources told ESPN on Friday. pic.twitter.com/5TonSrIQhF

— Adrian Wojnarowski (@wojespn) June 16, 2023

The End of an Era in Charlotte

The sale is expected to be finalized in the coming days pending league approval. In the meantime, Jordan will continue to oversee basketball operations during the upcoming 2023 NBA Draft, where the Hornets hold the No. 2 pick, as well as the start of free agency. The impending sale has been a topic of discussion within the Hornets’ front office, particularly in relation to top draft prospects Scoot Henderson and Brandon Miller. Despite bringing in other prospects for visits, the team still plans to schedule return visits for Henderson and Miller with Jordan on Monday, indicating that the decision may come down to choosing between the two, as reported by Yahoo Sports’ Jake Fischer.

Although Jordan will no longer be the majority owner, he will retain a minority stake in the team. On the other hand, Schnall will sell his minority investment in the Hawks as part of the deal.

It Wasn’t A Pretty Tenure For Jordan And The Hornets

Jordan’s ownership tenure with the Hornets spans 13 years, during which he acquired a controlling interest in the team from George Shinn in 2010 for $275 million. Under Jordan’s leadership, the team underwent a name change back to the Hornets and Jordan himself became the first former NBA player to achieve billionaire status.

However, despite Jordan’s involvement and financial investment, the Hornets have only made two postseason appearances since 2010. The sale marks a new chapter for the franchise as it transitions to new ownership in the hopes of achieving greater success in the future.

Michael Jordan in 13 seasons as Hornets owner:

• Never won a playoff series
• Never finished higher than 6th in East
• 5th worse winning % in the NBA

Yet MJ will still make over $2 BILLION on the deal, which is more than he has made from Nike in 40 years.

That’s crazy 🤯 pic.twitter.com/lKa82kSdES

— Joe Pompliano (@JoePompliano) June 16, 2023