According to sources, the NBA Board of Governors has reportedly approved Michael Jordan’s sale of his majority stake in the Charlotte Hornets to an ownership group led by Rick Schnall and Gabe Plotkin.
“[Michael Jordan] always looked to be a hands-on owner,” ESPN commentator Jeff Van Gundy mentioned, per NBA. “I know he has the fishing and the auto racing that he’s involved in, but I still didn’t expect him to get out of the NBA. And yet he looks like he is going to make a tidy profit, so good for him.”
Jordan is set to pocket $3 billion once the deal is completed in the next week or two, sources say.
He became the only Black majority owner of an NBA team. Jordan, a six-time NBA champion and five-time MVP, looked at the opportunity as an important goal post to reach following his NBA career.
“Purchasing the Bobcats [now the Hornets] is the culmination of my post-playing career goal of becoming the majority owner of an NBA franchise,” Jordan explained at the time, according to Bleacher Report. “I am especially pleased to have the opportunity to build a winning team in my home state of North Carolina.”
Jordan’s departure will not strip his involvement from the team entirely, as he will still maintain minority ownership, according to The Charlotte Observer.