Michael Jordan is finalizing a sale of the Charlotte Hornets,, ending his 13-year run as majority owner, league sources told ESPN on Friday.
Once the sale is complete, Jordan is expected to keep a minority stake and a presence with the franchise.
Jordan, a six-time NBA champion and five-time MVP, is largely considered to be the greatest player in the history of the game and has been the league's only Black majority owner. Jordan paid $275 million for a majority stake in the franchise in 2010. Jordan sold a significant minority stake to Plotkin, founder and chief investment officer of Melvin Capital, and Daniel Sundheim, founder and chief investment officer of D1 Capital, in 2020, and Sundheim is part of the group purchasing the Hornets.& Rice in New York, was part of a group that includes majority owner Tony Ressler and Grant Hill that purchased the Hawks in 2015 for $850 million.
After a 27-55 season riddled with injuries to most of the team's top players, the Hornets hold the No. 2 pick in Thursday's NBA draft.
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