Michael Jordan reportedly in talks to promote majority stake in Hornets

Charlotte Hornets proprietor Michael Jordan is in “serious talks” to promote his majority stake within the group to a bunch led by Hornets minority proprietor Gabe Plotkin and Atlanta Hawks minority proprietor Rick Schnall, based on a report from ESPN on Thursday.

Jordan purchased his majority stake within the Hornets (then the Charlotte Bobcats) in 2010 for $275 million, which made him the primary ex-player to be a majority proprietor within the NBA and the one Black majority proprietor within the league — each are true to this present day.

Prior to taking management of the group in 2010, he served as a minority proprietor with the ultimate say on basketball choices for 4 years. According to ESPN, Jordan plans to maintain a minority stake within the group.

The Hornets are presently in 14th place within the Eastern Conference with a document of 22-49. The Hornets have made the playoffs twice since Jordan took over as proprietor, with the final time being in 2016. As of 2022, the Hornets are valued at $1.7 billion, based on Forbes.

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