Michael Jordan's Hornets sale approved by NBA's board of governors: report

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The NBA’s board of governors approved the sale of the Charlotte Hornets, which clears a major step in ending Michael Jordan’s 13-year stint as majority owner of the franchise, ESPN reported Sunday. 

It was a nearly unanimous vote, ESPN added, as all owners except the New York Knicks' James Dolan voted for the sale to go through. 

A group led by businessmen Rick Schnall and Gabe Plotkin is purchasing the team for an estimated $3 billion, and with the board of governors approving the sale, it should be done in the next one to two weeks.

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Michael Jordan attends a press conference before the NBA Paris Game match between Charlotte Hornets and Milwaukee Bucks on January 24, 2020, in Paris. (Aurelien Meunier/Getty Images)

Jordan paid $275 million for the majority stake of the Hornets in 2010, and to date, he has been the league’s only Black majority owner.

"In the same way that it’s wonderful that one of our greatest, Michael Jordan, could become the principal governor of a team, he has the absolute right to sell at the same time," NBA Commissioner Adam Silver said this month at the NBA Finals. "Values have gone up a lot since he bought that team, so that is his decision."

Both Schnall and Plotkin are no newcomers to owning an NBA franchise.

MICHAEL JORDAN TO SELL MAJORITY SHARE OF CHARLOTTE HORNETS AFTER 13 SEASONS

Jordan knows Plotkin, who was a minority owner of the Hornets. As for Schnall, he owned a minority stake in the Atlanta Hawks. 

Jordan won’t be leaving the franchise entirely. He will remain a minority stakeholder in the Hornets, while Plotkin and Schnall assume the role