The sale of Michael Jordan’s Charlotte Hornets is moving forward after the NBA’s General Council approved the purchase of the group led by Rick Schnall and Gabe Plotkin.
As reported by ESPN’s Adrian Wojnarowski, the official sale of the franchise should be completed within the next two weeks at most. Once the deal is finalized, Jordan’s 13 years as majority owner will come to an end, although he will still remain a minority owner of the franchise.
According to previous reports, Schnall and Plotkin purchased Jordan’s majority stake in the franchise at a valuation of $3 billion. Once the sale is completed, the two will act as owners of the team.
Of course, it is no surprise that the sale of the Hornets was approved. Jordan, Schnall, and Plotkin agreed to the deal last June, and there seemed to be no problems that would stand in the way of selling the franchise.
Now all that remains is to finalize the transaction between the two parties so that Jordan can step down and let the new owners steer the ship.
Michael Jordan joined the Charlotte Hornets as a co-owner in 2008 before buying control of the team in 2010. His time as owner of the franchise was not as successful as his playing career, with Charlotte reaching the playoffs only twice in the entire period. Not to mention that the Hornets had negative records in 10 of the 13 seasons he owned them.