Charlotte Hornets owner Michael Jordan is in talks to sell a majority stake in the franchise, according to reports.
Jordan is reportedly in talks to sell his majority stake to a group led by Hornets minority owner Gabe Plotkin and Hawks minority owner Rick Schnall.
The six-time NBA champion became majority owner of the Charlotte franchise then known as the Bobcats, in March 2010.
Jordan paid $275 million for the franchise.
The Hornets are currently 22-49 and sit 14th in the Eastern Conference.
They have been hampered by injuries this season. Star guard LaMelo Ball is out for the remainder of the season with a fractured ankle he suffered in February, and forward Gordon Hayward missed time due to a fracture in his left shoulder he sustained in November.
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Big picture for the NBA
The NBA’s run of owner exits continues. This is the third significant share team to change hands this season after the Suns and the Milwaukee Bucks.
As far as on-court success, the Hornets have been hugely disappointing in recent years and will be hoping the tide changes soon or they risk becoming a failing franchise with the game’s biggest stars choosing to go elsewhere.
