Michael Jordan Finalizing Sale of Hornets, per Report

Hornets owner Michael Jordan has agreed to sell the team to an ownership group led by Gabe Plotkin and Rick Schnall, the team announced on Friday. According to ESPN’s Adrian Wojnarowski reports, the deal is worth a valuation of $3 billion.

Plotkin is the founder of Melvin Capital and was already a minority owner of the Hornets, while Schnall is the co-president of Clayton, Dubilier & Rice and was a minority owner of the Hawks prior to the sale. As part of the sale, Jordan will keep a minority stake in the team.

Jordan, who officially retired from the NBA following the 2002–03 season, initially bought a minority stake in the then Charlotte Bobcats in 2006. In 2010, Jordan became the majority owner of the team, when his company, MJ Basketball Holdings, LLC, bought the team from owner Robert L. Johnson.

In the 13 years since Jordan became owner, Charlotte changed its name from the Bobcats to the Hornets and made the playoffs three times, losing in the first round each time. They haven’t made the playoffs since 2016 and have had a losing record in seven of the last eight years.