Michael Jordan reaches agreement to sell Hornets after 13 years

All-time NBA legend Michael Jordan will sell the Charlotte Hornets to a group led by Gabe Plotkin and Rick Schnall, the franchise announced Friday.

The five-time MVP was the majority owner of his home state's franchise for 13 years.

The sale is reportedly worth approximately $3 billion, sources told ESPN's Adrian Wojnarowski.

Plotkin is currently a minority owner with the Hornets after purchasing a significant stake in 2020, while Schnall is a minority owner with the Atlanta Hawks.

The group will also include renowned musician J. Cole, along with several other local Charlotte investors.

Jordan will keep a minority stake in the team and will remain present within the franchise after the sale. He is also expected to oversee basketball operations through the NBA draft and this summer's free agency period, according to Wojnarowski.

The Hornets never won a playoff series under Jordan's tenure. Charlotte recorded the NBA's all-time worst single-season winning percentage in 2011-12 with a 7-59 mark. The Hornets also finished 27-55 this past season.