Michael Jordan ‘is in talks to sell majority stake of Hornets’ to minority owner Gabe Plotkin and Hawks co-owner Rick Schnall, putting an end to his DISAPPOINTING 13-year tenure
Michael Jordan’s disappointing 13-year tenure as owner of the Charlotte Hornets could be winding down.
The Basketball Hall of Famer is reportedly in serious talks to sell his majority stake of the team to a group led by Hornets minority owner Gabe Plotkin and Atlanta Hawks minority owner Rick Schnall, ESPN is reporting.
He first bought a minority stake in what was then the Charlotte Bobcats in 2006 after a frustrating stint as the Washington Wizards Director of Basketball Operations and a brief, forgettable comeback with that team.
By 2010, he would purchase the majority stake from media mogul Bob Johnson for a reported $275 million. And in 2015, he would rename the team the ‘Hornets,’ after the previous NBA franchise that inhabited Charlotte.
Jordan is expected to remain with the team as a minority owner in the event of a sale, ESPN is reporting.
Michael Jordan is said to be in serious talks to sell the Charlotte Hornets according to ESPN
Jordan has been part of the Hornets ownership since he bought a stake of the team in 2006
The Hornets are currently valued by Forbes at $1.7 billion – 27th among NBA teams, and a $1.3 billion improvement over the last decade.
Considered by many to be the NBA’s greatest player ever, Jordan is currently the NBA’s only African-American owner.
But the success Jordan enjoyed over six NBA championships and five MVP awards has failed to translate into success as an owner. Charlotte has been one of the league’s worst performing teams throughout his time in charge.
But outside of the name change, Jordan’s tenure as Hornets owner has been anything but memorable.
Charlotte has enjoyed just three winning seasons and only two playoff berths since Jordan became majority owner. And while the team boasts a promising young talent in LaMelo Ball, his current season has been ended early due to a fractured ankle.
If there is a light at the end of the tunnel, it’s French teenager Victor Wembanyama, a basketball prodigy who happens to stand anywhere from 7-foot-2 to 7-foot-5, depending on whom you ask.
Given the Hornets’ status as one of the worst teams in the NBA this season, Charlotte could have as high as a 14-percent change of winning the No. 1 overall pick in the NBA Draft Lottery for the right to draft Wembanyama in June.
As of now, Charlotte has a record of 22-49 – the fourth worst in the league, which would give them a 12.5-percent chance of landing the top pick.
Other draw prospects include NBA G League Ignite point guard Scott Henderson, Alabama small forward Brandon Miller, Overtime Elite combo guard Amen Thompson, and Houston power forward Jarace Walker, according to Bleacher Report’s latest mock draft.
The potential chance of drafting Wembanyama or any other top prospect to pair should appeal to Plotkin, Schnall or any other potential bidders.
His unquestioned success as a legendary player has not translated to success as an owner
Charlotte could have as high as a 14 percent chance of winning the NBA Draft Lottery on May 16 for the right to draft Victor Wembanyama in June
Upon regaining full health Lamelo Ball will be a tantalizing piece for any new ownership group