Michael Jordan Could Soon Sell His Majority Stake In The Charlotte Hornets

Reports suggest Jordan is in talks with some investors regarding his stake in the franchise.

According to the Charlotte Observer, the former Chicago Bulls player has been negotiating with Hornets minority stakeholder Gabe Plotkin and Atlanta Hawks minority owner Rick Schnall. 

Sports Illustrated reported that Plotkin bought a nice chunk of the team in 2020 when the 60-year-old decided to sell to him.

ESPN’s Adrian Wojnarowski reported sources said the Hall of Famer isn’t giving up all of his stake in the team, as he still wants to be involved. 

Jordan became the majority owner in 2010 and was a part of the franchise’s rebuilding and rebranding in hopes of creating a successful team. Unfortunately, the Hornets haven’t had the best luck with Jordan’s help and, according to the NBA’s website, last reached the playoffs in 2016. 

The six-time NBA champion’s family and business office, Jump Management, which oversees the marketing, public relations, philanthropic, investment and financial partnerships, released a statement regarding the swirling reports.

“We don’t comment on rumors and speculation,” the company said in a report by the Charlotte Observer.

Negotiations are underway, so an announcement should be made soon on where things land with the Hornets.