Michael Jordan is considering selling his NBA franchise.
According to a Thursday ESPN report, the retired athlete is in talks to sell his majority stake in the Charlotte Hornets.
According to the report, Jordan is “in serious talks” to sell his stake in the franchise to a group led by Atlanta Hawks minority owner Rick Schnall and Hornets minority owner Gabe Plotkin.
According to ESPN, Jordan and his colleagues have made significant progress in the negotiations.
In the outlined agreement, Jordan would retain a minority ownership stake in the team.
Jordan became the Hornets’ majority owner in 2010, and the team has had less success than the legendary player in his playing career.
According to the Sports Business Journal, the Hornets have only had three winning seasons since Jordan became the majority owner.
ESPN Sources: Charlotte Hornets owner Michael Jordan is engaged in serious talks to sell a majority stake in the franchise to a group led by Hornets minority owner Gabe Plotkin and Atlanta Hawks minority owner Rick Schnall. pic.twitter.com/jg03W25s49
— Adrian Wojnarowski (@wojespn) March 16, 2023
Despite the team’s lack of on-court success, Jordan could benefit financially from the sale.
In 2010, the Chicago Bulls legend paid $275 million for a majority stake in the team.
According to Sports Illustrated, Jordan first purchased a minority stake in the franchise in 2005.
The Hornets are currently valued at $1.7 billion, according to some estimates.
Michael Jordan is selling majority ownership in the Charlotte Hornets basketball team. Jordan purchased around 65% of the franchise for $180 million in 2010. Today the franchise is worth more than $1.7 billion. pic.twitter.com/ciGTP7qg1X
— Black Millionaires ® (@Blackmillions_) March 17, 2023
The franchise will not relocate from Charlotte as a result of the ownership change.
“With or without a sale, the Hornets will be staying put” in the Charlotte market, according to one local journalist cited by the Sports Business Journal.
Jordan, a six-time NBA champion, is widely regarded as the greatest player in league history.
According to Forbes’ estimate of his wealth, the retired athlete and businessman already have a net worth of $2 billion.