Retired NBA legend Michael Jordan is in talks to sell his majority stake in the NBA's Charlotte Hornets, but no deal is imminent, ESPN reported on Thursday.
The deal would see Jordan sell the largest stake in the club to Hornets minority shareholder Gabe Plotkin and Atlanta Hawks minority owner Rick Schnall, with Jordan expected to keep a minority stake in the Hornets, unnamed sources told ESPN.
Forbes magazine rated the Hornets with a value of $1.7 billion last October, fourth-lowest among the NBA's 30 clubs.
Jordan, a five-time NBA Most Valuable Player who led the Chicago Bulls to six NBA titles in the 1990s, bought the Hornets in 2010 for $275 million after being a minority shareholder in the ownership group since 2006.