NBA legend Michael Jordan is finalising the sale of his majority stake of the Hornets. According to ESPN, the Hornets is estimated to be worth $3bn (£2bn).
When the sale concludes, it will bring to an end to Jordan’s 13-year old run as majority shareholder
Jordan, who is currently the only black majority team owner in the NBA, will keep a minority stake after the sale to a group of investors.
The group of investors led by Gabe Plotkin ( already owns a minority stake at the Hornets) will sign an agreement in the coming days.
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In 2010, six-time NBA champion and five -time MVP Jordan paid $275m for a majority stake in the Charlotte Hornets.
He is however reported to pocket over $1bn profit despite Hornets not achieving on court success during his time in charge with only two trips to the playoffs.
According to reports by ESPN, Michael Jordan will oversee NBA operations this week and the beginning of free agency. He is expected to retain a minority stake in the Hornets after the sale, which will be completed once the NBA completes its vetting and approval process.
The Hornets hold the No 2 pick in Thursday’s NBA draft after another disappointing season where many of their top players were injured for long spells.
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