Michael Jordan “is in talks to sell the majority stake in the Hornets to minority owner Gabe Plotkin and Hawks co-owner Rick Schnall,” ending his dismal 13-year tenure in Charlotte.
Michael Jordan’s disappointing 13-year tenure as owner of the Charlotte Hornets could be coming to an end.
The Basketball Hall of Famer is reportedly in serious talks to sell his majority stake in the team. to a group led by Hornets minority owner Gabe Plotkin, and atlanta falcons minority owner Rick Schnall, ESPN is reporting.
He first bought a minority stake in what was then the Charlotte Bobcats in 2006 after a frustrating stint as the Washington Wizards’ Director of Basketball Operations and a brief, forgettable return with that team.
By 2010, he would buy out media mogul Bob Johnson’s majority stake for $275 million. And in 2015, he would change the name of the team to the ‘Hornets’, in honor of the previous NBA franchise that inhabited Charlotte.
Jordan is expected to remain with the team as a minority owner in the event of a sale, ESPN reports.
Michael Jordan is said to be in serious talks to sell the Charlotte Hornets according to ESPN
Jordan has been part of the Hornets’ ownership since he bought a stake in the team in 2006.
The Hornets are currently valued by Forbes at $1.7 billion, 27th among NBA teams and an improvement from $1.3 billion over the past decade.
Considered by many to be the greatest player in NBA history, Jordan is currently the only African-American owner in the NBA.
But the success Jordan enjoyed through six NBA championships and five MVP awards hasn’t translated into success as an owner. Charlotte has been one of the worst performing teams in the league during his time in charge.
But outside of the name change, Jordan’s tenure as owner of the Hornets has been anything but memorable.
Charlotte has enjoyed just three winning seasons and just two playoff berths since Jordan became majority owner. And while the team has some promising young talent in LaMelo Ball, his current season ended early with a broken ankle.
Charlotte could have up to a 14 percent chance of winning the NBA Draft Lottery on May 16 for the right to draft Victor Wembanyama in June.
Upon returning to full health, Lamelo Ball will be a tempting piece for any new owning group.
If there’s a light at the end of the tunnel, it’s French teenager Victor Wembanyama, a basketball prodigy who stands between 7-foot-2 and 7-foot-5, depending on who you ask.
Given the Hornets’ status as one of the worst teams in the NBA this season, Charlotte could stand as much as a 14 percent trade of winning the first overall pick in the NBA Draft Lottery for the right to draft Wembanyama. in June.
As of now, Charlotte has a 22-49 record, fourth worst in the league, which would give them a 12.5 percent chance of getting the No. 1 pick.
Other prospects for the draft include NBA G League Ignite point guard Scott Henderson, Alabama small forward Brandon Miller, Overtime Elite combo guard Amen Thompson and Houston power forward Jarace Walker, according to Bleacher’s latest mock draft. Report.
The potential prospect of drafting Wembanyama or any other top pairing prospect should appeal to Plotkin, Schnall or any other potential bidder.
His unquestioned success as a legendary player hasn’t translated into success as an owner.
