NBA Hall of Famer Michael Jordan has reached a deal to sell a majority share of the Charlotte Hornets to a group led by Gabe Plotkin and Rich Schnall, a person familiar with the transaction told USA TODAY Sports.
The person requested anonymity because he was not authorized to speak publicly.
This is not a surprise. Jordan has explored selling and late in the season, Plotkin and Schnall emerged as potential buyers for a majority share.
During his NBA Finals news conference, Commissioner Adam Silver was asked about the status of a sale.
“I’m not going to speak for Michael Jordan. I never will. So, I’ll let him answer a question what his current status is,” Silver said. “I’d only say that just in the same way that it’s wonderful that one of our greatest, Michael Jordan, could become the principal governor of a team, he has the absolute right to sell at the same time. Values have gone up a lot since he bought that team, so that is his decision.”
Jordan, who will retain a minority stake in ownership, bought the Hornets in 2010 at a $180 million valuation and likely will sell his share at a nearly $2 billion valuation.
The sale is subject to the NBA Board of Governors approval.
