Retired NBA legend Michael Jordan is in talks to promote his majority stake within the NBA’s Charlotte Hornets, however no deal is imminent, ESPN reported on Thursday.
The deal would see Jordan promote the biggest stake within the membership to Hornets minority shareholder Gabe Plotkin and Atlanta Hawks minority proprietor Rick Schnall, with Jordan anticipated to maintain a minority stake within the Hornets, unnamed sources advised ESPN.
Forbes journal rated the Hornets with a worth of $1.7 billion final October, fourth-lowest among the many NBA’s 30 golf equipment.
Jordan, a five-time NBA Most Valuable Player who led the Chicago Bulls to 6 NBA titles within the Nineteen Nineties, purchased the Hornets in 2010 for $275 million after being a minority shareholder within the possession group since 2006.
Jordan, who turned 60 final month, has been the league’s solely Black majority proprietor by advantage of proudly owning the NBA membership in his residence state of North Carolina.
The Hornets have by no means been in a position to method the success of their proprietor, by no means managing to win a playoff collection since making their debut as an enlargement group referred to as the Bobcats in 2004.
The membership was swept within the first spherical in 2010 simply after being purchased by Jordan and once more in 2014 simply earlier than switching nicknames to the Hornets.
Charlotte final reached the playoffs in 2016, dropping to Miami within the first spherical in seven video games.
The Hornets haven’t reached the playoffs since then and suffered 5 straight dropping seasons earlier than going 43-39 final yr.
This season, the Hornets are 14th of 15 groups within the Eastern Conference at 22-49, on the point of elimination from post-season play. — Agence France-Presse
Source: www.gmanetwork.com
