Charlotte Hornets sale officially approved, ending Michael Jordan ownership

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Michael Jordan’s time as majority owner of the Charlotte Hornets is officially in the books. A few weeks back a report surfaced that Jordan was selling a majority stake in the Hornets, the sale has officially been approved.

ESPN’s Adrian Wojnarowski reported on Sunday that the NBA’s Board of Governors have approved the sale for approximately $3 billion to a group led by Rick Schnall and Gabe Plotkin. Only New York Knicks owner James Dolan voted against the sale per the report.

Jordan will maintain a small share of ownership with the Hornets after the sale.

Jordan purchased the franchise for $275 million back in 2010, serving 13 years as majority owner. Despite having the greatest player to play the game as an owner, the Hornets’ franchise made the playoffs just three times in Jordan’s tenure and did not win a playoff series.

The Hornets received the No. 2 pick in the 2023 NBA draft and drafted former Alabama standout Brandon Miller as they usher in a new era.

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Story originally appeared on Tarheels Wire

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Source link : https://sports.yahoo.com/charlotte-hornets-sale-officially-approved-021333319.html?src=rss

Author : Tar Heels Wire

Publish date : 2023-07-24 02:13:33

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