Thomas Coltrain
June 18, 2023
Michael Jordan, 60, finalized the sale of his majority stake with the Charlotte Hornets on Friday, June 16. The deal is worth approximately $3 billion.
This will mark the first time in 13 years that Jordan will not be actively managing the franchise.
Jordan will continue to oversee the Hornets’ basketball operations through the NBA draft and the start of free agency on July 1, according to an ESPN article.
After, a group led by Rick Snall, a minority owner with the Atlanta Hawks, and Gabe Plotkin, a minority owner with the Hornets, will govern the franchise.
“Along with Plotkin and Schnall, the new ownership group also includes rapper J. Cole and country music singer-songwriter Eric Church,” according to The Charlotte Observer.
Jordan, a six-time NBA champion, bought a majority stake with the Hornets for $275 million in 2010.
Stephen A. Smith said, “ I’m happy for him.”
“I will always speak about him with deference and reverence because he’s that special,” said Smith.
Smith said Jordan took the game of basketball to another level. He continued to highlight Jordan’s struggles to find success with the Hornets due to Charlotte’s smaller market.
After the sale, Jordan will keep a minority stake with the Hornets and maintain a presence with the team.
