JUST IN: Hornets owner Michael Jordan is in talks to sell a majority stake in the franchise, a person who has been briefed on details of the negotiations. He's been the owner since March 2010.
— and it may point to how the league is in a perfect inflection point now of the longer time owners cashing out now while franchise values are growing ever, ever higher. It’s a great time to get some liquidity if you’re looking for it.But this is also a loss for the league in many ways. While valuations may continue to rise with this sale – the Hornets valuation is still unknown — it will be a hit for the NBA. Jordan is legend.
Jordan is also currently the only Black majority owner in the NBA. That, too, is an eyesore for the league. —This will surely be a new era for the franchise. Jordan bought the team in 2010, and the Hornets have had just three winning campaigns in the 13 full seasons under his control. The Hornets do not have a large front office, but it is several executives who have longtime ties to Jordan.
A new ownership group, with Plotkin, who has held a minority stake since 2019, and Schnall could take the franchise in a new direction. Charlotte has the fourth-worst record in the NBA this season and will have a top pick in the 2023 NBA Draft, giving them a chance to . It’s the first year back for Steve Clifford, who was hired this summer for his second stint coaching the team after a five-year run that ended in 2018. —
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