Michael Jordan “is in talks to sell controlling interest in Hornets” to minority owner Gabe Plotkin and Hawks co-owner Rick Schnall, ending his disappointing 13-year tenure
Michael Jordan’s disappointing 13-year tenure as owner of the Charlotte Hornets may be coming to an end.
The Basketball Hall of Famer is reportedly in serious talks to sell its majority stake in the team to a group led by Hornets minority owner Gabe Plotkin and Atlanta Hawks minority owner Rick Schnall, ESPN reports.
After a frustrating stint as director of basketball operations with the Washington Wizards and a brief but memorable comeback with that team, he first acquired a minority interest in what was then the Charlotte Bobcats in 2006.
By 2010, he would buy media mogul Bob Johnson’s majority stake for a reported $275 million. And in 2015, he would rename the team the “Hornets,” after the previous NBA franchise Charlotte inhabited.
Jordan is said to remain with the team as a minority owner in the event of a sale, ESPN reports.
Michael Jordan is said to be in serious talks about selling the Charlotte Hornets, according to ESPN
Jordan has been with the Hornets since acquiring an interest in the team in 2006
The Hornets are currently valued at $1.7 billion by Forbes — ranked 27th among NBA teams and a $1.3 billion improvement over the past decade.
Considered by many to be the NBA’s greatest player of all time, Jordan is currently the NBA’s only African American owner.
But the success Jordan has enjoyed across six NBA championships and five MVP honors hasn’t translated into success as an owner. Charlotte was one of the underperforming teams in the league during his tenure.
But aside from the name change, Jordan’s tenure as owner of the Hornets has been far from memorable.
Charlotte has won just three seasons and only two playoff spots since Jordan became majority owner. And while the team has a promising young talent in LaMelo Ball, his current season was ended early due to a fractured ankle.
If there’s a light at the end of the tunnel, it’s French teenager Victor Wembanyama, a basketball prodigy who happens to be between 7ft 2 and 7ft 5 depending on who you ask.
Given the Hornets’ status as one of the worst teams in the NBA this season, Charlotte could have a 14 percent change to win the No. 1 overall pick in the NBA draft lottery for the right to pick Wembanyama in the to design June.
As of now, Charlotte has a 22-49 record – fourth-worst in the league, which would give them a 12.5 percent chance of landing the top pick.
Other draw contenders include NBA G League Ignite point guard Scott Henderson, Alabama small forward Brandon Miller, overtime elite combo guard Amen Thompson and Houston power forward Jarace Walker, according to Bleacher Report’s latest mock draft.
The potential chance of pairing Wembanyama or another top contender should appeal to Plotkin, Schnall or other potential bidders.
His undeniable success as a legendary player hasn’t translated into success as an owner
Charlotte could have as much as a 14 percent chance of winning the May 16 NBA Draft Lottery for the right to draft Victor Wembanyama in June
Once restored to full health, Lamelo Ball will be an enticing piece for any new ownership group