According to new reports Michael Jordan has agreed to sell off a significant portion of his stake in the Charlotte Hornets to two New York-based investors.
A source divulges to the Charlotte Observer that despite selling a great portion, Jordan does not plan to give up his majority ownership of the NBA teams. As it stands, Michael Jordan currently controls 97 percent of Hornets equity.
It was back in 2010 that he first acquired the team for $180 million from BET network owner Bob Johnson despite Johnson purchasing it for $300 million in 2004--a price cut largely attributed to the debt that Jordan agreed to assume when purchasing the team.
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The prospective owners are Gabe Plotkin and Daniel Sundheim, the founders of Melvin Capital and DI Capital, respectively. While they await approval from the NBA, the deal is expected to be closed within the next few weeks. Sundheim and Plotkin, responsible for managing hedge funds well worth billions of dollars have never had experience with owning a team.
"While I will continue to run the Charlotte Hornets, make all decisions related to the team and organization, and remain the team’s NBA Governor, Gabe and Dan’s investment in the team is invaluable,” Jordan revealed in a statement. “Gabe and Dan are industry standard-setters and proven leaders, with a belief in philanthropy and a passion for basketball. They share my commitment to Charlotte and the Carolinas.”