Michael Jordan is exploring the possibility of selling the Charlotte Hornets.
The six-time NBA champion with the Chicago Bulls is in talks to sell at least a portion of the franchise to a consortium that includes minority owner Gabe Plotkin of the Hornets.
“Four years ago, Michael Jordan withdrew a stake in the Charlotte Hornets from the consortium headed by Gabe Plotkin,” Jump Management, the company that handles Michael Jordan’s businesses, said in a statement sent Wednesday to The Associated Press. “As a natural step in the process because of that transaction, Michael and Gabe are discussing whether their consortium acquires an additional interest.”
A deal is not imminent.
“At this time, there is no certainty that an additional sale will take place,” the statement added.
( Magic Johnson teamed up with Harris to buy an NFL team )
In 2019, Jordan won a piece of the Hornets from Melvin Capital founder Plotkin and DI Capital’s Daniel Sundheim, but still maintains vast majority control of the franchise.
It is not known if Jordan’s intention is to sell all of his majority stake.
Jordan is the only black owner in the NBA.
He acquired the Hornets by paying Bob Johnson $180 million in 2010. The team’s value reached $1.7 billion after the 2021-22 season, according to Forbes.
