It looks like Jordan might be selling his stake in the Hornets.
No deal is imminent, but there’s significant momentum on a sale that would eventually install Plotkin and Schnall as the co-governors of the Hornets, sources said. If sale is completed, Jordan would be expected to keep a minority stake in team.
— Adrian Wojnarowski (@wojespn) March 16, 2023
Jordan bought the Bobcats for $275 million – it is now worth $1.7 billion.
Jordan first became a minority owner in the franchise in 2006, shortly after his Hall of Fame playing career ended. He then purchased the then-Bobcats in 2010 for $275 million. The team has made the playoffs just three times since Jordan took over as the majority owner, but they have never made it out of the first round.
The Hornets are currently worth $1.7 billion, according to Forbes. Only the Minnesota Timberwolves, Memphis Grizzlies and New Orleans Pelicans are worth less, but not by much. The Golden State Warriors are the most valuable team in the league at $7 billion.