Michael Jordan’s $3 billion sale of the Charlotte Hornets to a group led by Rick Schnall and Gabe Plotkin has been approved by the NBA’s board of governors, a source with knowledge of the deal confirmed to DailyMail.com.
The sale is expected to be finalized in the next several weeks, and Jordan will keep a minority stake in the club.
News of the sale’s approval was first reported by ESPN.
It was first reported back in March that Jordan was in talks to sell the team to Plotkin and Schnall.
Jordan bought the majority stake in his home state’s NBA team for $275 million in 2010.
Michael Jordan’s sale of the Charlotte Hornets to minority owner Gabe Plotkin is now approved
Rick Schnall (right) is also purchasing part of Jordan’s stake in the Charlotte Hornets
The Hornets are currently valued by Forbes at $1.7 billion – 27th among NBA teams, and a $1.3 billion improvement over the last decade.
Considered by many to be the NBA’s greatest player ever, Jordan is currently the NBA’s only African-American owner.
But the success Jordan enjoyed over six NBA championships and five MVP awards has failed to translate into success as an owner. Charlotte has been one of the league’s worst performing teams throughout his time in charge.
Outside of the name change from the Bobcats to the Hornets in 2015, Jordan’s tenure as Hornets owner has been anything but memorable.
Charlotte has enjoyed just three winning seasons and only two playoff berths since Jordan became majority owner.
Upon regaining full health Lamelo Ball will be a conerstone piece for the new ownership group
Charlotte also added rookies tantalizing rookies Brandon Miller and Nick Smith Jr. in the draft
The team does however possess hope for the future through superbly talented and young point guard LaMelo Ball, along with rookie and No. 2 overall pick Brandon Miller. Charlotte also drafted Nick Smith Jr. later on in the first round of this years draft.
It remains to be seen just how soon the Hornets building blocks will be able to take the court together as Ball is still recovering from a March 1 operation to repair a broken ankle.
The Hornets also are set to reintegrate restricted free agent Miles Bridges into to the fold this year after he spent last year dealing with legal issues in a domestic violence case.
Bridges will be suspended for the first 10 games of the season before he is able to once again take the court in a Hornets uniform.
