Michael Jordan is in talks to sell a majority stake in the Charlotte Hornets, according to someone familiar with the negotiations.
Jordan is discussing selling control of the team to a group led by Hornets limited partner Gabe Plotkin and Atlanta Hawks limited partner Rick Schnall, said the person, who was granted anonymity because the details are private. Jordan could choose to keep a minority stake in the deal.
Representatives for Jordan and the Hornets didn’t immediately respond to emails seeking comment. A spokesperson for the Hawks declined to comment. Jump Management, Jordan’s family office, said: “We don’t comment on rumors and speculation.” The news was first reported by ESPN.
The first former NBA player to own a majority stake in a league franchise, Jordan purchased the team in 2010 for $275 million. Sportico recently valued the franchise at $1.77 billion, which ranked 26th in the 30-team league.
Plotkin, the founder of Melvin Capital, was part of a group that bought into the Hornets in 2019. Schnall is co-president of private equity firm Clayton, Dubilier & Rice, and was part of the group that bought the Hawks in 2015.
The Hornets are just the latest major global franchise to hit the market, joining a list that include English soccer giant Manchester United, the NFL’s Washington Commanders and the NHL’s Ottawa Senators. The most recent NBA team to sell, the Phoenix Suns, were purchased by billionaire Mat Ishbia in a deal that valued the team at a league-record $4 billion.
Jordan is the highest paid athlete of all time, according to Sportico, thanks primarily to his long-running partnership with Nike, which has grossed him $1.8 billion. He also has endorsement relationships with Gatorade, Hanes, Upper Deck and 2K Sports.
(This story was updated to include the reply from Jump Management.)