The NBA legend is selling his majority share of the basketball team to a group led by Gabe Plotkin and Rick Schnall for an approximate $3 billion valuation, ESPN reports, more than 10 times what Jordan purchased his stake for. Although the Hornets didn’t disclose the price of the deal, the team announced the agreement in a statement. Schnall, an Atlanta Hawks minority owner, and Plotkin, a Hornets minority owner, will end up as the franchise’s governors following a vetting and approval process by the NBA.
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The transaction would end the six-time NBA champion and five-time MVP’s 13-year stint as majority owner.