{"id":74308,"date":"2023-07-23T18:49:06","date_gmt":"2023-07-23T22:49:06","guid":{"rendered":"https:\/\/cablemanpro.com\/wallstreetpr\/michael-jordans-hornets-sale-approved-by-nbas-board-of-governors-report-74308"},"modified":"2023-07-23T18:49:06","modified_gmt":"2023-07-23T22:49:06","slug":"michael-jordans-hornets-sale-approved-by-nbas-board-of-governors-report","status":"publish","type":"post","link":"https:\/\/cablemanpro.com\/wallstreetpr\/michael-jordans-hornets-sale-approved-by-nbas-board-of-governors-report-74308","title":{"rendered":"Michael Jordan’s Hornets sale approved by NBA’s board of governors: report"},"content":{"rendered":"
\n

The NBA\u2019s board of governors approved the sale of the Charlotte Hornets<\/a>, which clears a major step in ending Michael Jordan\u2019s 13-year stint as majority owner of the franchise, ESPN reported Sunday.\u00a0<\/p>\n

It was a nearly unanimous vote, ESPN added<\/a>, as all owners except the New York Knicks’ James Dolan voted for the sale to go through.\u00a0<\/p>\n

A group led by businessmen Rick Schnall and Gabe Plotkin is purchasing the team for an estimated $3 billion, and with the board of governors approving the sale, it should be done in the next one to two weeks.<\/p>\n

CLICK HERE FOR MORE SPORTS COVERAGE ON FOXNEWS.COM<\/strong><\/a><\/p>\n

Jordan paid $275 million for the majority stake of the Hornets in 2010, and to date, he has been the league\u2019s only Black majority owner.<\/p>\n

“In the same way that it\u2019s wonderful that one of our greatest, Michael Jordan, could become the principal governor of a team, he has the absolute right to sell at the same time,” NBA Commissioner Adam Silver said this month at the\u00a0NBA Finals<\/a>. “Values have gone up a lot since he bought that team, so that is his decision.”<\/p>\n

Both Schnall and Plotkin are no newcomers to owning an NBA franchise.<\/p>\n

MICHAEL JORDAN TO SELL MAJORITY SHARE OF CHARLOTTE HORNETS AFTER 13 SEASONS<\/strong><\/a><\/p>\n

Jordan knows Plotkin, who was a minority owner of the Hornets. As for Schnall, he owned a minority stake in the Atlanta Hawks.\u00a0<\/p>\n

Jordan won\u2019t be leaving<\/a> the franchise entirely. He will remain a minority stakeholder in the Hornets, while Plotkin and Schnall assume the role as the franchise\u2019s governors.\u00a0<\/p>\n

Other members of the Schnall-Plotkin group include rapper J. Cole, a North Carolina native, Dan Sundheim, Ian Loring, country music star Eric Church and more.\u00a0<\/p>\n

It\u2019s an exciting time for the Hornets despite their brutal 27-55 record during the 2022-2023 season. They still have young talent, including LaMelo Ball at point guard, while drafting Alabama\u2019s Brandon Miller No. 2 overall in the 2023 NBA Draft.<\/p>\n

Under Jordan\u2019s majority ownership reign, the Hornets weren\u2019t able to reach the level of NBA success that he achieved in his illustrious playing career.\u00a0<\/p>\n

They went 423-600 in 13 seasons under their majority owner, which ranks 26th out of 30 in the same span.<\/p>\n

The Associated Press contributed to this report.<\/i><\/p>\n<\/div>\n

Source – https:\/\/www.foxnews.com\/sports\/michael-jordans-hornets-sale-approved-nbas-board-of-governors <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The NBA\u2019s board of governors approved the sale of the Charlotte Hornets, which clears a major step in ending Michael Jordan\u2019s 13-year stint as majority […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"rop_custom_images_group":[],"rop_custom_messages_group":[],"rop_publish_now":"initial","rop_publish_now_accounts":{"twitter_2902945987_2902945987":""},"rop_publish_now_history":[],"rop_publish_now_status":"pending","footnotes":""},"categories":[16563],"tags":[],"stock_ticker":[],"class_list":["post-74308","post","type-post","status-publish","format-standard","hentry","category-market-news","entry"],"acf":[],"yoast_head":"\nMichael Jordan's Hornets sale approved by NBA's board of governors: report - Wall Street PR<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cablemanpro.com\/wallstreetpr\/michael-jordans-hornets-sale-approved-by-nbas-board-of-governors-report-74308\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Michael Jordan's Hornets sale approved by NBA's board of governors: report - 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