• Loading stock data...
Sunday, March 3, 2024

Michael Jordan in Talks to Sell Charlotte Hornets

  • ESPN reports that Jordan is talks to sell majority stake of franchise he's owned since 2010.
  • Gabe Plotkin and Rick Schnall have had serious talks to acquire Jordan's controlling interest.
Michael Jordan in talks to sell Hornets.
Sam Sharpe-USA TODAY Sports

Michael Jordan is reportedly in advanced talks to sell his majority of stake in the Charlotte Hornets, a potential deal that could leave the NBA without a Black controlling owner. 

ESPN reported Thursday that Jordan was negotiating with Hornets minority owner Gabe Plotkin and Atlanta Hawks minority owner Rick Schnall, although the transaction wasn’t imminent. Messages left with the Hornets by Front Office Sports were not immediately returned. 

Jordan’s $275 million purchase of the Hornets was approved by the NBA’s Board of Governors in 2010. Four years prior, the six-time NBA champ acquired a minority interest in the team. Jordan is expected to keep a minority interest in the Hornets, according to ESPN. 

As one celebrity owner possibly exits the NBA, another is poised to jump in. Baseball great Alex Rodriguez is looking to take over the Minnesota Timberwolves. The former New York Yankees slugger and partner Marc Lore need to fork over $250 million by March 28 as part of a $1.5 billion takeover.

There’s been skepticism about whether they’ll hit the deadline. But a spokesman for Rodriguez told the New York Post: “The money is in the bank and ready to be funded today.”

The few NBA teams that come on the market are fetching impressive valuations. The Phoenix Suns sold for a league record $4 billion to new owner Mat Ishbia in 2022. Joe Tsai paid $3.3 billion for the Brooklyn Nets in 2019. Tilman Fertitta paid $2.2 billion for the Houston Rockets in 2017.

With a valuation of $7 billion, Forbes pegged the Golden State Warriors as the NBA’s most valuable team in 2022.

The New York Knicks ($6.1 billion), Los Angeles Lakers ($5.9 billion), Chicago Bulls ($4.1 billion), and Boston Celtics ($4 billion) rounded out the Top 5 most valuable teams. The Hornets ranked 28th out of 30 NBA clubs with a valuation of $1.67 billion.

Copy Link
Link Copied
Link Copied

What to Read


How Daily Fantasy Sports Solved NBA Fantasy

New Horizons in Sports How Daily Fantasy Sports Solved NBA Fantasy Presented…

Paris Games Gain Momentum With $2B Completion of Olympic Village

The $2.2 billion housing project finished on time and was essentially on budget.
Caitlin Clark

Iowa Star Caitlin Clark Makes It Official: She’s WNBA-Bound

Iowa star Caitlin Clark announced she is declaring for the WNBA draft.
Anthony Kim

Can LIV Golf’s Bid to Bring Back Retired PGA Tour Star Succeed?

Anthony Kim will compete on LIV Golf the rest of the season.
podcast thumbnail mobile
Front Office Sports Today

Jenny Cavnar is Breaking Barriers During Oakland’s Strange Season


Featured Today

The Caitlin Clark Economy: Much More Than an Army of Traveling Young Girls

The economy surrounding No. 22 goes far beyond her biggest fans.
March 2, 2024

Sheer Madness: What You Need to Know About MLB’s New Uniform Saga

MLB’s reworked uniforms have become a major source of spring training controversy.
Oct 5, 2021; Kansas City, Missouri, USA; Bob Kendrick, president of the Negro Leagues Baseball Museum in Kansas City, points to the lettering outside of the museum Tuesday.
February 28, 2024

How Do You Keep Negro Leagues Baseball History Alive? Put It in a Video Game

Negro Leagues Baseball Museum attracting increased donations, visits from ‘MLB The Show.’
February 26, 2024

The Victor Wembanyama Rookie Card Market Hasn’t Matched His Hype

A cooling market and Fanatics autograph deal leaves big-money collectors waiting.


Powered By

Careers in Sports

Looking for a new job? Check out these featured listings and search for openings all over the world.
Multiple - USA Careers
Multiple - USA Careers
Multiple - USA Careers

FedEx Field No Longer, Commanders’ Stadium Will Get New Name

The Commanders must stay in Landover through 2027.
February 11, 2024

Tom Brady’s Post-Retirement Embrace of Las Vegas

With business all over town, one partner says, ’He’s going to be a great addition to the city.’
Josh Harris
February 28, 2024

Josh Harris, David Blitzer Set to Part Ways with Steelers Stake

Harris’s purchase of the Commanders prevents him from keeping the Steelers’ stake.

How LivePass is Redefining Ticketing for the Next Generation of Fans

The next wave of ticketing technology.
Jordan Spieth
February 1, 2024

Will PGA Tour-PIF Deal Get Done? Some Players Say: Don’t Bother

Spieth, Simpson among those to question need for Saudi pact after SSG investment.
January 31, 2024

PGA Tour Taps Into Deep Base of Team Owner Experience With SSG Deal

New investor group boasts more than 200 years of combined team leadership.
January 31, 2024

Capital Changes: Orioles’ Sale Marks Latest Deal in a Rapidly Transforming Region

Deal for MLB team follows Leonsis arena project, Harris purchase of the Commanders.
Golf bag leaning on PGA Tour signage
January 31, 2024

PGA Tour Scores Investment Worth Up To $3 Billion and Gives Players Equity

Players collectively get $1.5 billion in equity shares based on performance.