NBA legend Michael Jordan set to sell majority stake in Charlotte Hornets

Basketball legend Michael Jordan has agreed to sell his majority stake in the NBA’s Charlotte Hornets, as announced by the team.

The details of the deal have not been disclosed, but reports estimate the Hornets’ worth at approximately $3 billion (£2 billion).

This marks the conclusion of Jordan’s 13-year tenure as the majority owner of the Hornets, although he will retain a minority stake in the team after the sale to a group of investors.

Led by financiers Gabe Plotkin and Rick Schnall, the investor group includes notable figures such as rapper J. Cole and country music singer Eric Church.

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However, it has been revealed that Mr. Schnall will sell his ownership in the Atlanta Hawks. Jordan, the only black majority team owner in the NBA, is a highly celebrated figure, having won six NBA championships and five MVP awards. He is widely regarded as the greatest player in NBA history.

The sale comes at a time when NBA Commissioner Adam Silver has expressed the need for greater diversity among the league’s ownership ranks, which have predominantly consisted of white men.

In fact, of the four major US sports leagues, few owners are not white, including Kim Pegula (an Asian woman) of the NFL’s Buffalo Bills, Shad Khan (from Pakistan) of the Jacksonville Jaguars, Arte Moreno (a Mexican American) of the MLB’s Los Angeles Angels, and Sheila Johnson (an African American woman) who is a part-owner of the NHL’s Washington Capitals and NBA’s Washington Wizards.

Jordan’s impact on the sport and his role as an influential owner has garnered significant attention, with speculation arising about his potential involvement in the NBA’s governing board.