June 16, (THEWILL) – Michael Jordan is on the verge of finalising the sale of his majority ownership in the Charlotte Hornets, the NBA team based in North Carolina, after having held it for over a decade.
According to reports monitored by THEWILL, the news of the sale is expected to be officially announced in the coming days. The prospective buyers of the franchise are a group, led by Gabe Plotkin, an affluent hedge fund manager, and J. Cole, the renowned rapper.
Additionally, Rick Schnall, who already holds a stake in the Atlanta Hawks, is also part of the purchasing group. The transaction is currently undergoing the standard vetting and approval process by the NBA commissioner, a routine procedure for such deals, which is not anticipated to pose any complications.
Following the completion of the sale, Jordan is anticipated to retain a minority stake in the Hornets. Since 2010, when he acquired a majority share for $275 million, Jordan has been the largest shareholder of the team, solidifying his deep involvement in the franchise’s affairs.
Jude Obafemi is a versatile senior Correspondent at THEWILL Newspapers, excelling in sourcing, researching, and delivering sports news stories for both print and digital publications.
