Michael Jordan to sell majority stake in NBA’s Charlotte Hornets: team

NEW YORK: Basketball legend Michael Jordan has agreed to sell his majority stake in the NBA’s Charlotte Hornets to an investment consortium, the team announced Friday. The buyer group is led by Gabe Plotkin, chief investment officer at Tallwoods Capital LLC and Rick Schnall, co-president of private equity firm Clayton, Dubilier & Rice. The group also includes musicians J.

Cole and Eric Church, said a press release from Hornets Sports & Entertainment that did not disclose financial terms. Jordan will retain a minority stake in the franchise, the team said. The transaction is subject to approval of the National Basketball Association.

Jordan acquired a controlling investment in the Hornets in 2010 for $275 million. The franchise has been the league’s sole team with Black-majority ownership. The value of Jordan’s stake came to about $3 billion, according to a report on ESPN.com that cited league sources.

Often considered the greatest ever basketball player, Jordan led teams to six NBA titles, won the league’s most valuable player award five times and garnered two Olympic Gold Medals. He played his last game professionally in 2003. However, Jordan’s tenure as the only Black owner of an NBA team has been less successful.

During his 13-year reign, Charlotte reached the playoffs just three times, losing in the first round on all three occasions. Last season, Charlotte finished one place off the bottom of the Eastern Conference with 27 wins and 55 defeats. The origin of Jordan’s lucrative partnership with Nike was chronicled earlier this year in the film “Air,” which was directed by Ben Affleck.