Michael Jordan’s $3 billion sale of the Charlotte Hornets to minority owner Gabe Plotkin has been APPROVED by the NBA Board of Governors, paving the way for the closing
Michael Jordan’s $3 billion sale of the Charlotte Hornets to a group led by Rick Schnall and Gabe Plotkin has been approved by the NBA Board of Governors, a source with knowledge of the deal confirmed to .
The sale is set to be completed in the next few weeks and Jordan is expected to retain a minority stake in the club.
News of the sale’s approval was first reported by ESPN.
It was first reported back in March that Jordan was in talks to sell the team to Plotkin and Schnall.
Jordan bought a majority stake in his home state’s NBA team in 2010 for $275 million.
Michael Jordan’s sale of the Charlotte Hornets to minority owner Gabe Plotkin is now approved
Rick Schnall (right) also buys a portion of Jordan’s stake in the Charlotte Hornets
The Hornets are currently valued at $1.7 billion by Forbes — 27th among NBA teams and a $1.3 billion improvement over the past decade.
Regarded by many as the greatest NBA player of all time, Jordan is currently the NBA’s only African American owner.
But the success that Jordan has had in 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 throughout his tenure.
But aside from the name change, Jordan’s tenure as owner of the Hornets has been far from memorable.
Since Jordan became majority owner, Charlotte has had just three successful seasons and just two playoff berths.
However, the team has hope for the future through the prodigiously talented and young point guard LaMelo Ball, as well as rookie and No. 2 overall winner Brandon Miller.
It remains to be seen how quickly the two Hornets teams can hit the pitch together, as Ball is still recovering from surgery on March 1 to repair a broken ankle.