Michael Jordan’s tenure as the majority owner of the Charlotte Hornets is coming to an end.
Jordan is selling a large part of his stake in the franchise to a group that includes Hornets minority owner Gabe Plotkin and Atlanta Hawks minority owner Rick Schnall, a league source confirmed to the Observer on Friday. The news comes less than a week before the NBA Draft, where the Hornets hold the No. 2 overall selection and are mulling over picking G League Ignite standout Scoot Henderson or University of Alabama wing Brandon Miller..
Jordan paid Bob Johnson roughly $180 million in 2010 to take majority control of the expansion franchise, acquiring roughly 65% of the team’s equity from Johnson.