A New Era for the Hornets: Michael Jordan Sells Majority Stake

Basketball Legend Michael Jordan Steps Down as President of the Charlotte Hornets After Selling Majority of His Shares

In a significant shift for the Charlotte Hornets, basketball legend Michael Jordan has sold the majority of his shares in the team, stepping down from his role as president. The transaction, reportedly worth around $3 billion, was finalized on Friday. Despite the sale, Jordan will retain a minority stake in the team, according to a statement released by the Hornets.

The sale was negotiated over a period of three months with a group led by Gabe Plotkin, a previous minority shareholder of the Hornets, and Rick Schnall, a former stakeholder in the Atlanta Hawks. Schnall is in the process of selling his investment in the Hawks, a move expected to be completed in the coming weeks. Both Plotkin and Schnall will now lead the Hornets.

Jordan, the only African American majority owner of an NBA team, initially became a majority shareholder of the Hornets in 2010 after investing $275 million. However, his tenure has been marked by a lack of success on the court. Since 2010, the Hornets have only qualified for the playoffs three times, each time losing in the first round. They have also gone seven consecutive seasons without making the playoffs.

This year, the Hornets were the second-worst team in the Eastern Conference, with a record of 27 wins and 55 losses. However, they have the second pick in the upcoming NBA draft, trailing only the San Antonio Spurs, who are expected to select French prodigy Victor Wembanyama.

This development marks a new era for the Hornets and raises several questions about the future of the team. How will the new leadership impact the team's performance? Will the upcoming NBA draft bring a much-needed change to the Hornets' fortunes? And finally, what will Jordan's role be as he transitions from majority owner to minority stakeholder? Only time will tell.