The legendary former basketball player is about to get rid of a controlling stake in the NBA club.
Michael Jordan to sell the Charlotte Hornets. According to ESPN, the NBA Board of Governors approved the sale of Charlotte to a group led by Rick Schnall and Gabe Plotkin.
It can be remembered that the legendary former basketball player acquired a controlling stake in the team in 2010. Then he was worth $ 275 million. By taking over the Hornets, Jordan became the only black owner of a team in the NBA.
However, during Michael’s tenure at the club, Charlotte never achieved significant league results. Jordan decided to dispose of the asset, ending his 13-year tenure as majority owner.
After clearing the final sales hurdle, the deal, valued at about $3 billion, is expected to close within the next one to two weeks.
Schnall, who is a minority owner of Atlanta, and Plotkin, a minority owner of the Hornets, will become the heads of the organization. Jordan will retain a minority stake in the franchise.
news Correspondent.net on Telegram. Subscribe to our channel Athletistic
Source: korrespondent
My name is Adam Jackson and I am an author. I have been writing about Basketball games for over a decade now and am excited to share my knowledge with you all. Additionally, I am also interested in other sports and enjoy discussing them with others. Contact me if you want to discuss any Basketball-related topics!
