Charlotte Hornets owner Michael Jordan is engaged in serious talks to sell a majority stake in the franchise to a group led by Hornets minority owner Gabe Plotkin and Atlanta Hawks minority owner Rick Schnall, sources told ESPN on Thursday.
No deal is imminent, but there's significant momentum on a sale that would eventually install Plotkin and Schnall as the co-governors of the Hornets, sources said.
If a sale is completed, Jordan is expected to remain with a minority stake in the franchise, sources said. Jordan, a six-time NBA champion and five-time MVP, is considered the greatest player in the history of the game and he has been the league's only Black majority owner.
Jordan sold a significant minority stake to Plotkin, founder and chief investment officer of Melvin Capital, and Daniel Sundheim, founder and chief investment officer of D1 Capital, in 2020, and sources say that Sundheim is part of the group working to purchase the team.