Report reveals Michael Jordan is in talks to sell majority stake in the Charlotte Hornets
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NBA insider Adrian Wojnarowski reports that Chicago Bulls legend Michael Jordan is currently in "serious talks" about selling his majority stake in the Charlotte Hornets. Although no transaction is imminent, Wojnarowski added that His Airness would likely remain as a minority shareholder if and when a deal is completed.
Business deal
The people that MJ is reportedly talking to include Hornets minority owner Gabe Plotkin and Atlanta Hawks minority owner Rick Schnall, said Wojnarowski.
Jordan first joined the ownership group of the Hornets, then known as the Bobcats, in 2006. He bought a minority stake and took on the role of "Managing Member of Basketball Operations." Then, in 2010, Jordan bought the team as the majority stakeholder, becoming—at the time—the only African-American team owner.
Minimal success
Jordan's on-court brilliance, however, has yet to translate to success in the front office. Despite having some good teams, Charlotte made the playoffs just three times since Jordan became the majority owner and has not advanced past the first round of the playoffs once.
Under his watch, the Hornets have also blown first-round draft picks on players like Michael Kidd-Gilchrist, Frank Kaminsky, Noah Vonleh and Cody Zeller. The Hornets even drafted Shai Gilgeous-Alexander and immediately traded him for Miles Bridges. SGA made the All-Star team this year, while Bridges is out of the NBA after facing domestic violence charges in the offseason.
