Michael Jordan is set to complete the sale of the Charlotte Hornets

2023-07-24T10:32:17+00:00 2023-07-24T10:38:35+00:00.

Giannis Askounis

24/Jul/23 10:32


The NBA Board of Governors approves Michael Jordan’s sale of the Charlotte Hornets

By Johnny Askounis/ info@eurohoops.net

The 13-year run of Michael Jordan as the majority owner of the Charlotte Hornets is approaching the final chapter of the story. He will remain as a minority owner but can return to owning another franchise, depending on future developments.

Focusing on the latest news, the NBA Board of Governors voted to approve the sale of the Hornets to an ownership group led by Gabe Plotkin and Rick Schnall, according to multiple outlets. This was the necessary step to confirm the new governors of the franchise. The next will be actually completing the sale over the next few weeks.

ESPN’s Adrian Wojnarowski noted that the vote was 29-1 with New York Knicks owner James Dolan connected to the lone vote against the sale. The reason behind the decision of the 68-year-old American businessman remains unclear.

Jordan, 60, was finalizing the deal, pending the approval of the league. He bought the majority stake in the franchise in 2010. From spending 275 million dollars, he will sell for a valuation of approximately three billion dollars. Over the last 13 years, the Hornets reached the Playoffs twice and fell to the Miami Heat in the first round on both occasions.

Plotkin, 45, is a businessman with no previous experience in sports teams.

Schnall, 54, was instead part of the group that purchased the Atlanta Hawks in 2015.

Jordan, similar to LeBron James and other sports celebrities or entrepreneurs, has shown interest in controlling an NBA team based in Las Vegas.

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