Former Chicago Bulls legend Michael Jordan is proclaimed by many as the greatest basketball player of all time. At the very least, he’s in everyone’s discussion. However, he has not been the greatest owner of the Charlotte Hornets.
And now it appears his 13-year run as the team’s majority owner has come to an end.
According to ESPN’s Adrian Wojnarowski, Jordan is finalizing a sale of the Hornets to a group led by Gabe Plotkin and Rick Schnall. The deal is expected to be signed soon and once the NBA completes its vetting and approval process, Plotkin and Schnall will become the franchise’s governors.
BREAKING: Michael Jordan is finalizing a sale of the Charlotte Hornets to a group led by Gabe Plotkin and Rick Schnall, ending his 13-year run as majority owner, league sources told ESPN on Friday. pic.twitter.com/5TonSrIQhF
— Adrian Wojnarowski (@wojespn) June 16, 2023
Jordan is selling the Hornets for an approximate valuation of $3 billion.
Michael Jordan is selling his majority stake in the Charlotte Hornets to the Gabe Plotkin/Rick Schnall group for an approximate $3 billion valuation, league sources tell ESPN. pic.twitter.com/zDuhsg8mDE
— Adrian Wojnarowski (@wojespn) June 16, 2023
Wojnarowski previously reported back in March that Jordan was engaged in “serious talks” to sell his majority stake, with Plotkin, a Hornets minority owner, and Schnall, an Atlanta Hawks minority owner, as the most likely suitors.
Jordan acquired a majority interest in the Hornets back in 2010. Since doing so, the team has only made the playoffs three times and has never made it past the first round. This past season was a new low point for a Hornets team that was riddled with injuries. Under the direction of Steve Clifford, the team limped to a 27-55 record and currently holds the No. 2 overall pick in the 2023 NBA Draft.
While Jordan is obviously loved for his playing days, he has been far from the most popular owner. Many are excited that the Hornets may be getting a fresh start without Jordan.
I know people are relieved he's leaving because it was a failure, but I vastly disagree. Returned Hornets to Charlotte, elevated the brand off that, some notable talents have come thru here. For him to flip the organization and know when it's time to move on, not bad tbh. https://t.co/RVsQO5ukA9
— Naewop (@NPreval) June 16, 2023
Charlotte never won a playoff series under Michael Jordan 😳 pic.twitter.com/RFOvESp4IR
— NBACentral (@TheDunkCentral) June 16, 2023
Thank God. So excited to move on from MJ. https://t.co/O9NlVOjogF
— Scotty Kent (@ScottyCrownClub) June 16, 2023
Jordan played in 179 playoff games in a 15-year career.
As an owner for 13 years, his team played in only 15 playoff games. https://t.co/HVSzYt9GFt
— Dan Primack (@danprimack) June 16, 2023
Key note in here from Woj:
“Jordan will continue to oversee basketball operations through next Thursday's NBA draft and the start of free agency on July 1.” https://t.co/9hqEFkJyWC
— Evan Sidery (@esidery) June 16, 2023
Kinda sad that the most iconic athlete of the last three generations is selling the team he owns to a random rich dude who’s best known for getting short squeezed by a bunch of trolling day traders during the whole Game Stop thing https://t.co/qEmXQyBwiI
— Curry Hicks Sage (@CurryHicksSage) June 16, 2023
It’s a new day. https://t.co/p6fRlHsWhu
— The Crown Club 👑 (@CrownClubCLT) June 16, 2023
Did Jordan send an "I'm out" fax? https://t.co/wgSBxvmxMw
— Andrew Bucholtz (@AndrewBucholtz) June 16, 2023
MJ is the GOAT for this. https://t.co/gXHbbiV7pO
— Jared Feinberg (@JRodNFLDraft) June 16, 2023
free? https://t.co/KBon1WNh7R pic.twitter.com/d8hM4com3z
— charles (“you look good” – andy reid) mcdonald (@FourVerts) June 16, 2023
Jordan’s days of ownership in professional sports are not over. Michael Jordan is also the principal owner of the 23XI Racing team in the NASCAR Cup Series.
[Adrian Wojnarowski on Twitter]
