• Loading stock data...
Sunday, August 24, 2025
The biggest names in sports media. All in one room. Buy tickets now!

Michael Jordan Reaches Deal to Sell Charlotte Hornets

  • Gabe Plotkin and Rick Schnall expected to finalize purchase after months’ worth of talks.
  • Sale would leave the NBA without a Black majority owner.
Charlotte Hornets owner Michael Jordan
Kyle Terada-Imagn Images

Michael Jordan is selling his majority stake in the Charlotte Hornets. 

Hornets minority owner Gabe Plotkin and Atlanta Hawks minority owner Rick Schnall — linked to the franchise’s potential purchase earlier this year — reached an agreement on a deal to purchase the club Jordan has owned for 13 years on Friday. 

The Hornets are valued at $1.7 billion. 

The sale, expected to be finalized in days, would leave the NBA without a Black controlling owner. 

The news also marks the third time in less than five weeks that Canadian businessman Steve Apostolopoulos has lost out on a pro sports team.

Apostolopoulos previously led unsuccessful bids for the Washington Commanders and Ottawa Senators. He also had an interest in acquiring the Hornets.  

The last NBA franchise to hit the market — the Phoenix Suns — was sold to Mat Ishbia in a deal that valued the franchise at $4 billion last year. 

Jordan paid $275 million for the Hornets in 2010 and is expected to keep a minority stake in the club.

Linkedin
Whatsapp
Copy Link
Link Copied
Link Copied

What to Read

Malik Beasley

Malik Beasley Could Still Be Charged in Gambling Probe Despite Feds Dropping..

Beasley’s lawyer is hoping his client can return to the NBA.
Alex Rodriguez and Marc Lore

Timberwolves Lay Off Dozens After A-Rod, Lore Take Over

Rodriguez and Lore took over the Wolves and Lynx in June.

NBC’s MLB Chase Built on Vision for Yearlong Sunday Night Sports

NBC Sports is gunning for a Sunday night slate rivaling “The Sopranos.”
Miami Heat logo

Former Heat Security Guard Pleads Guilty to Stealing Team Memorabilia

Prosecutors say he stole game-worn jerseys and sold them online for millions.

Featured Today

The Honey Deuce Effect: How Tennis Perfected the Signature Cocktail

Sold every 1.5 seconds, they total more than $12 million in sales.
Dec 21, 2024; Austin, Texas, USA; Texas Longhorns quarterback Arch Manning (16) warms up as the Texas Longhorns prepare to play the Clemson Tigers in the first round of the College Football Playoffs at Darrell K Royal Texas Memorial Stadium.
August 23, 2025

Schools Are Hesitant to Allow PE Into Their Athletic Departments

Regardless of budget, schools don’t believe the risk is worth the reward.
Oct 2, 2024; Rosemont, IL, USA; Big Ten commissioner Tony Petitti speaks with the media during the 2024 Big Ten Women’s Basketball media day at Donald E. Stephens Convention Center.
August 22, 2025

‘Not Ready to Jump In’: Power 4 Commissioners Aren’t Sold on PE

Top leaders in college sports have yet to see a satisfactory proposal.
Nov 23, 2024; Minneapolis, Minnesota, USA; Penn State Nittany Lions head coach James Franklin looks at quarterback Drew Allar (15) during the first quarter against the Minnesota Golden Gophers at Huntington Bank Stadium.
August 22, 2025

Private Equity Enters College Sports—Without the Equity

As college football starts, lending agreements have become PE’s best way in.

American Celebs Want to Be Sports Owners. Soccer Is Where They Start

As U.S. team prices climb, investors set their sights abroad.
June 24, 2025

Timberwolves’ 4-Year Ownership Saga Ends As A-Rod, Lore Take Over

The unanimous approval brought a clean end to a long-disputed transaction.
Apr 26, 2025; San Francisco, California, USA; Houston Rockets guard Fred VanVleet (5) before game three of first round for the 2024 NBA Playoffs against the Golden State Warriors at Chase Center.
June 25, 2025

Rockets Get $20 Million in Wiggle Room From New VanVleet Deal

VanVleet first signed with the Rockets in 2023.
Sponsored

Building A Pro League From Scratch

Front Office Sports and Gainbridge® spotlight what it takes to build a professional women’s soccer league.
April 20, 2025

Max Verstappen Linked to $300M Aston Martin Deal Ahead of Miami GP

Aston Martin is currently seventh in the constructors championship.
March 27, 2025

Peyton Manning’s Omaha Productions Gets PE Boost

The Hall of Famer’s company gains another prominent backer.
March 20, 2025

High School Sports Power Signs Eight-Figure Rights Deal in First

The deal pays roughly $1 million annually, FOS has learned.
March 20, 2025

Maxx Crosby’s Agent: Edge Rushers Set to Dominate NFL’s Non-QB Market

Maxx Crosby just signed a three-year, $106.5 million extension.