Jordan sells Hornets majority share to Plotkin and Schnall group

NBA legend Michael Jordan has reportedly sold a majority share of the Charlotte Hornets to a group led by Gabe Plotkin and Rick Schnall. Jordan, who bought the Hornets in 2010 for $180 million, is set to make a substantial return on his investment as the team is now valued at nearly $3 billion. The sale is subject to the approval of the NBA Board of Governors. Jordan will retain a minority stake in ownership and remain involved in the league, though the sale will allow him to pursue other interests outside of basketball. The new ownership group will also include Dan Sundheim, Ian Loring, Dyal HomeCourt Partners, recording artist J. Cole, country music singer-songwriter Eric Church, and several local Charlotte investors. The focus of the new ownership group will be on turning the Hornets into a winning team, as they have not made the playoffs since 2016 and have had a losing record in six of the past seven seasons. In the upcoming NBA draft, the Hornets have the Nos. 2, 27, 34, 39 and 41 picks. While Jordan’s tenure with the Hornets was marked by limited success on the court, the team’s new owners will aim to turn things around and bring a championship to Charlotte.