Michael Jordan is selling a majority stake in the NBA’s Charlotte Hornets to a group led by Gabe Plotkin and Rick Schnall for $3 billion, according to people familiar with the matter.
The sale ends Jordan’s 13-year run as the majority owner of the team, which he bought in 2010 for $275 million. The basketball legend will keep a minority stake in the Hornets after the deal, according to a statement on Friday.
The deal follows a standout 2022 for sports team sales and affirms the NBA’s status among the world’s most profitable leagues. Its franchises have soared in value in recent years as some of the world’s richest people have used their vast wealth to become team owners. Billionaire Mat Ishbia agreed last year to buy more than 50% of the Phoenix Suns in a record NBA deal that valued the club at $4 billion.
Read the full story on Bloomberg here.