Could the Charlotte Hornets be nearing the end of the Michael Jordan era? Adrian Wojnarowski of ESPN is reporting that the North Carolina Tar Heel and NBA icon is in “serious” talks to sell off his majority share of the Queen City’s pro basketball team.
Sources are saying that Michael Jordan would be selling to a group that includes Hornets minority owner Gabe Plotkin and Atlanta Hawks minority owner Rick Schnall, who would take over as co-governors of the team. Jordan would likely keep a minority stake in the team. The sale is not “imminent” but has “significant momentum,” according to ESPN.
Michael Jordan has been the majority owner of the franchise since 2010. That’s when he purchased his stake of the then-Charlotte Bobcats from Bob Johnson for $275 million. Since then, Jordan has been the only African-American majority team owner in the NBA.
I have no doubt that Jordan would be selling his stake in the Hornets for significantly more than the $275 million he paid. The real question is, what would the future look like for the team under new ownership?