Michael Jordan selling majority stake in Charlotte Hornets

• The Hornets are worth an estimated $1.7 billion, per Forbes. The team did not disclose the sale price in its announcement.
• Jordan will retain a minority stake in the team, per the statement.
• The NBA Board of Governors must approve the sale to a group led by Hornets minority owner Gabe Plotkin and Atlanta Hawks minority owner Rick Schnall before the deal is official.

Zoom in: Plotkin, also an alternate governor on the board since 2019, acquired his minority stake in the Hornets in 2019. He is the founder and chief investment officer of an investment firm.

• Schnall, co-president of a private equity company, is expected to finalize a sale of his investment in the Hawks in the coming weeks. Since 2015 he has served as an alternate governor on the league's Board of Governors.
• The group buying the team also includes North Carolina natives rapper J. Cole and country music star Eric Church.

Of note: Included in the deal are Greensboro Swarm, the NBA G League affiliate of the Hornets, and Hornets Venom GT, the affiliated NBA 2K League esports team.

Flashback: Jordan purchased his majority stake in the team in 2010, back when the team was known as the Bobcats, from former owner Bob Johnson for $180 million. Jordan had owned a minority stake in the team since 2006.

• In 2020, Jordan sold a minority stake to Plotkin and Sundheim, founder and chief investment officer of D1 Capital, as ESPN reported.

The big picture: The team’s on-court performance has been mediocre in recent years, and they haven’t made the playoffs since the 2015-16 season.

• Charlotte has the second pick in the NBA Draft later this month.