NBA’s Progress Could Be Impacted by Jordan’s Sale of Hornets Control

After leading the Charlotte Hornets for 13 years, basketball legend Michael Jordan has reached a deal to sell his majority stake in the team. Despite selling his majority stake, Jordan plans to retain a minority share and remain involved in the franchise, according to ESPN. The buyer of the Hornets is a group led by Gabe Plotkin, who currently owns a minority share, and Rick Schnall. Valuing the franchise at $3 billion, the deal marks a significant increase since Jordan initially acquired control of the team in 2010 for $275 million. Notably, recent sales in the professional sports industry have seen a surge in valuations, with the Phoenix Suns and Phoenix Mercury being sold for a combined $4 billion in December.

While Jordan’s ownership tenure has not resulted in championships for the Hornets, it is worth noting that the team has made the playoffs only three times since 2010. Additionally, they have gone through five head coaches during that period. The sale of Jordan’s majority stake would also mean that the NBA would no longer have a Black majority owner, as reported by the Wall Street Journal. In response to this trend, NBA Commissioner Adam Silver expressed a desire for better representation in terms of principal owners during a press conference earlier this year. (Read more Michael Jordan stories.)