The famous Michael Jordan is ready to close a chapter in his life by completing the sale of his Charlotte Hornets to a group of investors, ending a 13-year reign at the helm of this franchise.
ESPN reported this on Friday, citing NBA-related sources and stating that Gabe Plotkin and Rick Schnall are leading the consortium of buyers. An agreement is expected to be signed in the coming days. At the end of the transaction, Jordan will of course no longer be the majority owner, but will retain a minority stake in the team.
Schnall owns stock in the Atlanta Hawks while Plotkin is a minority owner of the Hornets. The sale requires the approval of the governors of the league. Until then, the Chicago Bulls’ former glory will be leading basketball operations, including during Thursday’s NBA draft and the July 1 opening of the free agent market. Charlotte also holds the second pick at the annual auction.
Jordan bought the club in 2010 for $275 million. Before working with George Shinn, he had been a shareholder since 2006. The Hornets had little success on the field despite the legendary player’s presence, making the playoffs twice during his time at the top of the roster.