Michael Jordan considering sale of $1.7bn Charlotte Hornets
Michael Jordan is considering selling the Charlotte Hornets. The six-time NBA champion is in negotiations to sell at least a portion of the franchise to a group that includes Hornets minority owner Gabe Plotkin.
“Four years ago, Michael Jordan sold a stake in the Charlotte Hornets to a Gabe Plotkin-led group,” Jump Management, Jordan’s family office, said in a statement on Wednesday. “As a natural step in a process due to that transaction, Michael and Gabe are in discussions about his group potentially buying an additional stake.”
No deal is imminent.
“At this time, it is unclear whether an additional sale will take place,” the statement read.
In 2019, Jordan sold a portion of the Hornets to Plotkin, a founder of Melvin Capital, and Daniel Sundheim of DI Capital, but he still controls the vast majority of the team’s equity.
It is unclear whether Jordan is looking to sell his entire majority stake in the team. Jordan is the NBA’s only Black owner.
He purchased the expansion team from Bob Johnson for $180m in 2010. The team had a net worth of $1.7bn after the 2021-22 season, according to Forbes.
The Hornets have struggled during Jordan’s ownership: the last time they reached the playoffs was in the 2015-16 season, and they are out of postseason contention this year.