The $3 billion sale of the Charlotte Hornets to Michael Jordan’s minority owner Gabe Plotkin has been approved by the NBA’s Board of Governors, clearing the way for the deal to be finalized.
Michael Jordan’s $3 billion sale of the Charlotte Hornets to a group led by Rick Schnall and Gabe Plotkin has been approved by the NBA’s Board of Governors, a source with knowledge of the deal confirmed to Newstimesuk.com.
The sale is expected to be finalized in the next few weeks, and Jordan is expected to retain a minority stake in the club.
News of the sale being approved was first reported by ESPN.
It was first reported in March that Jordan was in talks to sell the team to Plotkin and Schnall.
Jordan bought a majority stake in his home state’s NBA team in 2010 for $275 million.
Sale of Charlotte Hornets to Michael Jordan Minority Owner Gabe Plotkin Now Approved
Rick Schnall (right) also buys Jordan’s stake in the Charlotte Hornets
The Hornets are currently valued at $1.7 billion by Forbes – 27th among NBA teams, and an improvement of $1.3 billion over the last decade.
Considered by many to be the NBA’s greatest player of all time, Jordan is currently the NBA’s only African-American owner.
But the success Jordan enjoyed with six NBA championships and five MVP awards failed to translate into success as an owner. Charlotte has been one of the worst performing teams in the league during his tenure.
But beyond the name change, Jordan’s tenure as owner of the Hornets has been anything but memorable.
Charlotte has enjoyed just three winning seasons and just two playoff berths since Jordan became majority owner.
But the team has hope for the future through tremendously talented and young point guard LaMelo Ball, rookie and No. 2 overall pick Brandon Miller.
It remains to be seen how quickly the Hornets will be able to move the two building blocks back together on the court as Ball is still recovering from a March 1 operation to repair a broken ankle.
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