Michael Jordan, a former NBA star, is regarded by many as one of the all-time great basketball players. And now that there are rumors that he has sold his majority stake ownership of the NBA team Charlotte Hornets, he may be involved in one of sports’ most lucrative sales.
The sale is reportedly worth about $3 billion and is still awaiting Board of Governors approval from the NBA.
Jordan is making a sale to an organization run by Rick Schnall and Gabe Plotkin. Plotkin, the founder of a hedge fund, has owned a minority stake in the Charlotte Hornets since 2019, and Schnall, the president of a private equity firm, has held a minority interest in the Atlanta Hawks since 2015.
Additionally, North Carolina natives J. Cole, a rapper, and Eric Church, a country music performer, are among the group of buyers.
There won’t be a black majority team owner in the NBA’s 30 teams if Jordan keeps his minority ownership stake in the Hornets.
