Michael Jordan Selling His Majority Ownership Of The Charlotte Hornets

Michael Jordan's 13-year run as majority owner is almost over.

Jordan agreed on a sale of the Charlotte Hornets to a group led by Hornets minority owner Gabe Plotkin and Atlanta Hawks minority owner Rick Schnall for an approximately $3 billion valuation. Rapper J. Cole and country music singer-songwriter Eric Church are part of the new ownership group.

An agreement will be signed in the coming days with approval from the NBA league. Jordan will oversee basketball operations during the 2023 NBA Draft on Thursday, where the Hornets have the No. 2 pick, and the start of free agency. Jordan will keep a minority stake and maintain a presence with the franchise.