Hall of Famer Michael Jordan has reached an agreement to sell his majority stake in the Charlotte Hornets to a group led by Gabe Plotkin and Rick Schnall, the team announced Friday, June 16.Pending approval of the NBA’s Board of Governors, the transaction will end Jordan’s 13-year run as the NBA’s only Black majority owner. He will retain a minority ownership share of the club, however.
Schnall, who is a minority owner of the Atlanta Hawks, has been alternate governor on the NBA Board of Governors since 2015. Schnall is in the process of selling his share of the Hawks. Jordan started as a minority investor in the franchise in 2006, when the team was named the Charlotte Bobcats. In the years since Jordan became majority owner of the franchise, the team has only made the playoffs twice , losing in the first round both times.
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