The NBA’s Board of Governors approved the sale of the Charlotte Hornets, clearing a major step toward ending Michael Jordan’s 13-year tenure as majority owner of the franchise, ESPN reported Sunday.
It was almost a unanimous vote. ESPN addedAs all owners except James Dolan of the New York Knicks voted to sell.
A group led by businessmen Rick Schnall and Gabi Plotkin is buying the team for an estimated $3 billion, and the board of governors has approved the sale, which 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 between the Charlotte Hornets and the Milwaukee Bucks on January 24, 2020 in Paris. (Orlean Meunier/Getty Images)
Jordan paid $275 million for a majority stake in the Hornets in 2010, and to this day, remains the league’s only black majority owner.
“Just as it’s amazing that one of our greatest, Michael Jordan, can be the principal governor of a team, he has the absolute right to sell it at the same time,” NBA commissioner Adam Silver said at the NBA Finals this month. “The values ​​have gone up a lot since he bought that team, so that’s his decision.”
Both Schnall and Plotkin are no newcomers to owning an NBA franchise.
Michael Jordan will sell majority ownership of the 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 leave the franchise entirely. He will remain a minority stakeholder in the Hornets, while Plotkin and Schnall will assume roles as governors of the franchise.
Owner Michael Jordan is finalizing a deal to sell a majority stake in the Charlotte Hornets, a move that would end his 13-year tenure overseeing the organization, the team announced on June 16, 2023. Jordan is selling to a group led by Gabe Plotkin and Rick Schnall. (AP Photo/Chuck Burton/File)
Other members of the Schnall-Plotkin group include rapper J. Cole, North Carolina native Dan Sundheim, Ian Loring, country music star Eric Church and more.
It’s an exciting time for the Hornets despite their atrocious 27-55 record during the 2022-2023 season. Drafting Alabama’s Brandon Miller No. 2 overall in the 2023 NBA Draft, they still have young talent, including point guard LaMelo Ball.
During Jordan’s majority ownership, the Hornets never reached the level of NBA success he achieved during his illustrious playing career.
Charlotte Hornets owner Michael Jordan looks on during a game against the Orlando Magic at Spectrum Center on March 3, 2023 in Charlotte, North Carolina. (Jacob Kupferman/Getty Images)
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They went 423-600 in 13 seasons under majority ownership, which is 26th out of 30 in that span.
The Associated Press contributed to this report.
Source by [Fox News]
