Hornets Future In Good Hands

Michael Jordan Sells Majority Stake in Charlotte Hornets

Hornets' Future in Good Hands

Michael Jordan has sold his majority stake in the Charlotte Hornets to a group led by Gabe Plotkin. Jordan has owned the team for 13 years. The Hornets say the sale is a "positive step" for the franchise.

Long-Tenured Ownership

Jordan bought the Hornets in 2010 for $275 million. Under his ownership, the team has made the playoffs twice. The Hornets have also built a new arena, Spectrum Center.

Positive Future

Hornets President of Basketball Operations Mitch Kupchak said the sale is "a positive step for the franchise." He said the new ownership group is "committed to winning."

Skilled Investors

Plotkin is a successful hedge fund manager. He is the founder and CEO of Melvin Capital Management. Plotkin is also a minority owner of the Sacramento Kings.