After 13 years at the helm, Michael Jordan is concluding his ownership of the Charlotte Hornets, selling his majority stake to a group spearheaded by Gabe Plotkin and Rick Schnall. Plotkin, a minority owner since 2019, will join Schnall, who is divesting his minority stake in the Atlanta Hawks to take part in the Hornets ownership. The sale awaits final approval from the NBA Board of Governors, but Jordan is anticipated to retain a minority interest in the franchise he purchased in 2010 for approximately $275 million.

This transaction marks a significant shift in the NBA's ownership landscape, as Jordan's departure leaves the league without a Black majority owner. NBA Commissioner Adam Silver recently acknowledged Jordan's right to sell, highlighting the substantial increase in team valuations since Jordan's initial purchase. Silver also emphasized the Board of Governors' commitment to ownership diversity.

While the official sale price remains undisclosed, sources indicate a valuation of around $3 billion, significantly less than the $4 billion valuation of the Phoenix Suns when they were sold in December. Jordan, through his spokesperson, has declined to comment on the sale.

Despite Jordan's legendary basketball career, including an NCAA championship, Olympic gold medals, and six NBA titles, the Hornets' performance under his ownership has been less illustrious. The team compiled a 423-600 record during his tenure, failing to secure a playoff series victory and missing the postseason for the past seven seasons. The incoming ownership group includes notable figures such as recording artist J. Cole, investor Dan Sundheim, Ian Loring, country music star Eric Church, and several Charlotte-based investors.