NBA approves Hornets sale, ending Michael Jordan’s tenure as majority owner
Charlotte, North Carolina - Michael Jordan's days as the majority owner of the Charlotte Hornets are truly finished.
The NBA's board of governors has approved Jordan's sale of a majority stake in the franchise to Rick Schnall and Gabe Plotkin, league sources confirmed to the Charlotte Observer on Sunday.
The move, which was expected to be finalized this week, comes a little more than a month after the team initially announced Jordan was indeed selling a chunk of the team to Schnall and Plotkin.
With Jordan now a minority owner, it ends his tenure as the Hornets' main decision-maker.
Jordan paid Bob Johnson roughly $180 million in 2010 to take majority control of the expansion franchise, acquiring roughly 65% of the team’s equity from Johnson.
But now Jordan is giving way to a new ownership group that features rapper J. Cole and country music singer-songwriter Eric Church.
Dan Sundheim, Chris Shumway, Ian Loring, Dyal HomeCourt Partners, Amy Levine Dawson, and Damian Mills are also a part of it.
Cover photo: IMAGO / ZUMA Wire