On Thursday, Michael Jordan agreed to sell his majority stake in the Charlotte Hornets for $3 billion, ESPN's Adrian Wojnarowski reported.
A group led by Gabe Plotkin and Rick Schnall, including North Carolina rapper J. Cole, took over Jordan's stake, relegating him to a minority shareholder of the team. According to Wojnarowski, Jordan will oversee basketball operations through Thursday's NBA draft and the start of free agency on July 1.
Jordan is arguably the game's greatest player and he cemented that legacy with the Chicago Bulls from 1984-98. He helped the Bulls to six NBA championships, decorating himself with innumerable accolades along the way. During his post-retirement career, he opted to test the waters with ownership.
Stay in the game with the latest updates on your beloved Chicago sports teams! Sign up here for our All Access Daily newsletter.
Here's how Jordan's timeline with the Hornets began and ended.
- Almost 17 years ago to the day (June 15), Jordan bought a minority stake in the then-Charlotte Bobcats. As part of the deal, he oversaw basketball operations with the title "Managing Member of Basketball Operations."
- On Feb. 17, 2010, Jordan and his ownership group bought a majority share in the Bobcats. He became the league's only Black owner, a title he's held to this day.
- During the shortened 2011-12 season, the Bobcats posted the worst winning percentage in NBA history (.106, 7-59 record).
- In the 2019 offseason, Jordan sold a minority share of the team to Gabe Plotkin and Daniel Sundheim.
- Coming soon in 2023, Jordan will sell his majority share of the now Charlotte Hornets to Gabe Plotkin and Daniel Sundheim.
Jordan went 423-600 while owner of the Hornets; the fourth-worst record during that span. They made the playoffs twice over his 13-year tenure, losing in the first round of both appearances.
