Mar 21, 2023
Michael Jordan is reportedly in advanced talks to sell his majority of stake in the Charlotte Hornets, a potential deal that could leave the NBA without a Black controlling owner.
ESPN reported Thursday that Jordan was negotiating with Hornets minority owner Gabe Plotkin and Atlanta Hawks minority owner Rick Schnall, although the transaction wasn’t imminent. Messages left with the Hornets by Front Office Sports were not immediately returned.
Jordan’s $275 million purchase of the Hornets was approved by the NBA’s Board of Governors in 2010. Four years prior, the six-time NBA champ acquired a minority interest in the team. Jordan is expected to keep a minority interest in the Hornets, according to ESPN.
As one celebrity owner possibly exits the NBA, another is poised to jump in. Baseball great Alex Rodriguez is looking to take over the Minnesota Timberwolves. The former New York Yankees slugger and partner Marc Lore need to fork over $250 million by March 28 as part of a $1.5 billion takeover.
Source: Front Office Sports