Michael Jordan Sells Majority Stake in Charlotte Hornets

13-Year Tenure Ends

After 13 years as the majority owner of the Charlotte Hornets, Michael Jordan has finalized the sale of his stake in the team.

Sale Details

The sale price was approximately $3 billion, according to sources familiar with the deal. The buyer is a group led by Gabe Plotkin, founder of hedge fund Melvin Capital.

Key Points

• Jordan owned the Hornets since 2010.
• The sale price is estimated to be $3 billion.
• The new owners are led by Gabe Plotkin.

Jordan's Legacy

Jordan's tenure as Hornets owner was marked by both successes and challenges. The team made the playoffs four times under his ownership but never advanced past the first round.

However, Jordan also oversaw the construction of a new arena for the Hornets, Spectrum Center, which opened in 2018.

Future of the Hornets

It remains to be seen what the future holds for the Hornets under new ownership. The team has struggled in recent years, finishing with a losing record in each of the past three seasons.

However, the Hornets have a young and talented roster led by LaMelo Ball, Miles Bridges, and Terry Rozier. The new owners will be tasked with building a competitive team around these players.