Michael Jordan to Sell Majority Stake in Charlotte Hornets
Michael Jordan, the owner of the Charlotte Hornets and one of the most storied athletes in sports history, has agreed to sell his majority share in the team to a group led by Gabe Plotkin and Rick Schnall, two private equity investors.
The team as a whole was valued at $3 billion, according to a person familiar with the details of the agreement but not authorized to discuss them publicly. The team, in its announcement of the sale, did not disclose what percentage of his stake Jordan would sell, but said he would remain a minority investor. Jordan, a North Carolina native, first purchased the team in 2010 for $275 million, when it was known as the Bobcats.
The acquiring group also includes the country music star Eric Church and the rapper J. Cole, both of whom are from North Carolina.
Jordan won six championships with the Chicago Bulls in the 1990s and is considered by many to be the greatest basketball player ever.
