Michael Jordan to sell majority stake in Hornets

Six-time NBA champion Michael Jordan has reached a deal to sell his majority stake in the Charlotte Hornets, the team said on Friday (Jun 16), ending his 13-year run in charge of the team.

Hornets minority stakeholder Gabe Plotkin and Rick Schnall, who is a minority owner of the Atlanta Hawks, lead the buyers' group.

Jordan will retain a minority ownership share of the team in the deal, which is subject to approval from the NBA Board of Governors.

Widely perceived as one of the greatest ever to pick up a basketball, Jordan purchased the club for a reported US$275 million in 2010 and was the only Black majority owner in the NBA.

ESPN reported that he will remain a presence with the team and is expected to oversee the operations through the start of free agency.