Michael Jordan to Sell $3 Billion Hornets Stake to Plotkin (2)

Michael Jordan is selling a majority stake in the NBA’s Charlotte Hornets to a group led by Gabe Plotkin and Rick Schnall for $3 billion, according to people familiar with the matter.

The sale ends Jordan’s 13-year run as the majority owner of the team, which he bought in 2010 for $275 million. The basketball legend will keep a minority stake in the Hornets after the deal, according to a statement on Friday.

WATCH: Michael Jordan is selling a majority stake in the NBA’s Charlotte Hornets.

Source: Bloomberg

The deal follows a standout 2022 for sports team sales and affirms the NBA’s status among the world’s most profitable leagues. Its franchises have soared in ...