CHARLOTTE, NC — The NBA Board of Governors has voted to approve Michael Jordan’s sale of the Charlotte Hornets to an ownership group led by Gabe Plotkin and Rick Schnall, according to a person familiar with the situation.
The person spoke to The Associated Press on Sunday on condition of anonymity because the sale won’t be made official for at least a week.
The decision ends Jordan’s 13-year streak as majority owner of the franchise. He will remain as a minority owner.
Jordan agreed to sell the team on June 16. However, when an NBA owner decides to sell it, it must first be approved by the league’s Board of Governors.
Jordan’s decision to sell leaves the NBA without a majority black owner.
Plotkin has been a minority shareholder in the Hornets since 2019, while Schnall has been a minority owner of the Atlanta Hawks since 2015. He was forced to sell his investment in that team.
The asking price is reportedly around $3 billion, according to ESPN.
As an owner, Jordan never came close to matching his success as a player, where he won six NBA titles with the Chicago Bulls and became one of the greatest players ever.
Charlotte went 423-600 with Jordan, the 26th-best record in that span.
The Hornets have never won a playoff series in that time and haven’t been to the postseason in the past seven seasons.
Owner members of the new Hornets ownership group include artist J. Cole, Dan Sundheim, Ian Loring, country music singer-songwriter Eric Church, Chris Shumway, and several local Charlotte investors, including Amy Levine Dawson and Damian Mills.
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