Michael Jordan is preparing to sell his majority ownership stake in the Charlotte Hornets, according to a report from ESPN’s Adrian Wojnarowski.
Jordan is engaged in “serious talks” with Hornets minority owner Gabe Plotkin and Atlanta Hawks minority owner Rich Schnall, who would both become co-governors of the Hornets if the sale is completed, according to the report. Jordan would remain a minority stakeholder under the agreement.
Wojnarowski’s report says the sale is not imminent, “but there’s significant momentum,” he said in a Tweet.
The Hornets franchise is currently valued at $1.