The NBA’s board of governors approved the sale of the Charlotte Hornets, which clears a major step in ending Michael Jordan’s 13-year stint as majority owner of the franchise, ESPN reported Sunday.
It was a nearly unanimous vote, ESPN added, as all owners except the New York Knicks’ James Dolan voted for the sale to go through.
A group led by businessmen Rick Schnall and Gabe Plotkin is purchasing the team for an estimated $3 billion, and with the board of governors approving the sale, it should be done in the next one to two weeks.
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Michael Jordan attends a press conference before the NBA Paris Game match between Charlotte Hornets and Milwaukee Bucks on January 24, 2020, in Paris. (Aurelien Meunier/Getty Images)
Jordan paid $275 million for the majority stake of the Hornets in 2010, and to date, he has been the league’s only Black majority owner.
“In the same way that it’s wonderful that one of our greatest, Michael Jordan, could become the principal governor of a team, he has the absolute right to sell at the same time,” NBA Commissioner Adam Silver said this month at the NBA Finals. “Values have gone up a lot since he bought that team, so that is his decision.”
Both Schnall and Plotkin are no newcomers to owning an NBA franchise.
MICHAEL JORDAN TO SELL MAJORITY SHARE OF CHARLOTTE HORNETS AFTER 13 SEASONS
Jordan knows Plotkin, who was a minority owner of the Hornets. As for Schnall, he owned a minority stake in the Atlanta Hawks.
Jordan won’t be leaving the franchise entirely. He will remain a minority stakeholder in the Hornets, while Plotkin and Schnall assume the role as the franchise’s governors.
Owner Michael Jordan is finalizing a deal to sell the majority share of the Charlotte Hornets, a move that will end his 13-year run of overseeing the organization, the team announced on June 16, 2023. Jordan is selling to a group led by Gabe Plotkin and Rick Schnall. (AP Photo/Chuck Burton/File)
Other members of the Schnall-Plotkin group include rapper J. Cole, a North Carolina native, Dan Sundheim, Ian Loring, country music star Eric Church and more.
It’s an exciting time for the Hornets despite their brutal 27-55 record during the 2022-2023 season. They still have young talent, including LaMelo Ball at point guard, while drafting Alabama’s Brandon Miller No. 2 overall in the 2023 NBA Draft.
Under Jordan’s majority ownership reign, the Hornets weren’t able to reach the level of NBA success that he achieved in his illustrious playing career.
Charlotte Hornets owner Michael Jordan looks on during the game against the Orlando Magic at Spectrum Center on March 3, 2023, in Charlotte, North Carolina. (Jacob Kupferman/Getty Images)
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They went 423-600 in 13 seasons under their majority owner, which ranks 26th out of 30 in the same span.
The Associated Press contributed to this report.