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Michael Jordan's time as Hornets owner comes to an end

By FOX 32 News
Published  June 16, 2023 6:14pm CDT
Michael Jordan
FOX 32 Chicago

Michael Jordan sells Hornets stake for $3 billion

Jordan purchased the hornets in 2010 for $275 million and is selling it to a group led by Gabe Plotkin and Rick Schnall.

CHICAGO - The six-time NBA champion, Michael Jordan, has sold his majority stake in the Charlotte Hornets for a reported $3 billion, marking the end of his 13-year run as the team's majority owner.

Jordan initially purchased the Hornets in 2010 for $275 million and is now selling it to a group led by Gabe Plotkin and Rick Schnall. According to a statement from the Hornets, as part of the transaction, Jordan will retain a minority ownership of the team.

Prior to this sale, Michael Jordan was the only black majority owner of an NBA franchise. During his ownership, the Hornets had a .421 win percentage.

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While stepping down as majority owner, Jordan will continue to oversee basketball operations through the draft on Thursday and the start of free agency on July 1st.