Michael Jordan is in talks to sell a majority stake of the Charlotte Hornets to a group led by Hornets minority owner Gabe Plotkin and Atlanta Hawks minority owner Rick Schnall.
No deal is imminent but there's significant momentum on a sale.
Jordan is expected to remain with a minority stake in the franchise. Jordan has been the league's only Black majority owner.
Jordan paid $275 million for a majority stake in the franchise in 2010. Jordan sold a significant minority stake to Plotkin, founder and chief investment officer of Melvin Capital, and Daniel Sundheim, founder and chief investment officer of D1 Capital, in 2020. Sundheim is part of the group working to purchase the team.