The Charlotte Hornets are expected to be under new ownership in the coming months, according to ESPN’s Adrian Wojnarowski.
Michael Jordan is selling his majority stake in the Charlotte Hornets to the Gabe Plotkin/Rick Schnall group for an approximate $3 billion valuation, league sources tell ESPN.
Jordan, 60, has owned a stake in the Charlotte franchise for 13 years, back when they were the Bobcats. He was a key contributor in helping the organization regain the rights back to the Hornets moniker, which the city held from 1988-2002 before they were relocated to New Orleans.