Michael Jordan is preparing to sell the Charlotte Hornets.
According to ESPN’s Adrian Wojnarowski, Jordan is engaged in serious talks to sell a controlling portion of the franchise to an ownership group led by current minority owner Gabe Plotkin and Atlanta Hawks minority owner Rick Schnall.
Specific details of that deal are not yet known, although a sale is not imminent. Jordan is expected to keep a minority stake in the team, but Plotkin and Schnall will become co-governors.
Jordan first became a minority owner in the franchise in 2006. He then bought the Bobcats in 2010 for $275 million. The team has made the playoffs just three times since Jordan took over as majority owner, but they have never made it past the first round.
According to Forbes, the Hornets are currently worth $1.7 billion. Only the Minnesota Timberwolves, Memphis Grizzlies and New Orleans Pelicans are worth less, but not by much. The Golden State Warriors are the league’s most valuable team at $7 billion.
Former Michigan State guard Matt Ishbia bought the Phoenix Suns and Mercury earlier this season for nearly $4 billion, nearly double the previous league record of $2.35 billion that Tsai bought the Brooklyn Nets in 2019. Ishbia’s buyout price, as he still owns a share of the franchise and Plotkin is already part of the team.