NBA, Jordan sells the Hornets after 13 years for 3 billion dollars

Michael Jordan transfers ownership of Charlotte Hornets. The former star NBA is finalizing a deal to sell a majority stake in the franchise to a group led by Gabe Plotkin And Rick Schnall. The former is a minority shareholder in the Hornets since 2019. Schnall is a minority owner of the Atlanta Hawks since 2015, from which it is trying to free itself. It is unclear how long it will take for the NBA Board of Governors to finalize the sales process. Jordan expects to retain a minority stake in the Hornets, the team he bought in 2010 for an estimated $275 million. The decision of Jordan to sell ends its unsuccessful 13-year run. “Just as wonderful that one of our greatest athletes like Michael Jordan can become the owner of a team, at the same time he has the absolute right to sell”, the NBA commissioner declared a month ago, Adam Silver. “Values ​​have gone up a lot since he bought that team, so that’s his decision,” he added.

Charlotte Hornets, the sale price

The sale price was not immediately announced. espn said the franchise was valued at $3 billion. Most recent sale by a team NBA occurred when Mat Ishbia bought i Phoenix Sunsa deal that valued that franchise at $4 billion. Jordan declined to comment on the sale through her spokesperson, Estee Portnoy.